BITCOIN BULLS REGAIN STRENGTH FROM $30K SUPPORT.
The price of Bitcoin has been in a correction phase for the past few months. The correction phase or, what traders call deep pullback, is now coming to an end as Bitcoin finally found strong support at $30,000.
The price of Bitcoin traded briefly below $30,000 at $29,500 last Tuesday, but the price rallied to $31,000 the next day. $30,000 price area has proven to be strong support countless times during this deep pullback phase. Several attempts by sellers to breach below $30,000 had been rejected, and the bulls have finally found the strength to rally price way above $30k.
Fundamentally, several meetings that have been held on the future of Bitcoin and the review of its mining process are finally paying off. Kudos to Elon Musk for letting the world know that unrenewable energy used in mining Bitcoin is not sustainable. Although, some miners had been using renewable energy to mine Bitcoin before the TESLA CEO stopped accepting Bitcoin.
The good news is that this is just the beginning of another bull market. Bitcoin has gained 13% in the last few days and, it's currently the top gainer among other cryptocurrencies.
Technically, the price of Bitcoin is now trading above the 50-day EMA, and it's just shy of $40k. With the increase in the volume of buyers, a breach above $40k is imminent. The market has just opened for the week and, the price is approaching the $40k resistance. If the $40k resistance fails to hold, the price of Bitcoin will comfortably trade above $40K for the first time in few weeks. The next resistance is at $45k.
The price of Bitcoin is reacting from the 200-Day EMA and trading at $38,600 at publishing time.