15. April 2024

BTC Blasts Through $30K: Is Bear Market Finally Over?

• Bitcoin’s price has managed to break through a critical technical resistance level at $30K, leading some investors to question if the bear market is over.
• Technical analysis suggests that Bitcoin needs to surpass the upper trendline of the ascending channel and then retest it in the form of a pullback in order for the bear market to be declared as over.
• If the price gets rejected from this vital region and falls, the $25K range will serve as powerful support since it aligns with the 50-day moving average.

BTC Price Breaks Through $30K

Bitcoin’s price has finally managed to break through a critical technical resistance level at $30K, leading some investors to question whether the bear market has finally come to an end or if this recent rally is just a bull trap.

Technical Analysis

Technical analysis suggests that Bitcoin needs to surpass the upper trendline of the ascending channel and then retest it in the form of a pullback in order for the bear market to be declared as over. Additionally, if the price gets rejected from this vital region and falls, the $25K range will serve as powerful support since it also aligns with the 50-day moving average.

4-Hour Chart

The 4-hour chart displays Bitcoin recently experiencing a significant spike, breaking above the upper threshold of a consolidation correction wedge pattern and printing notable green candles during that time frame. If successful, there is potential for an extended bullish momentum.

Bull Trap?

It is still premature to declare this recent uptrend as initiating another bull market given its potential for being just another bull trap; however, if successful in its attempt at furthering its bullish momentum more decisively than before there is potential for another prolonged bull run.

Moving Average Support

If unsuccessful however and falls beneath its current position at $30K, then there exists strong support from both sentiment levels and moving averages located around $25K which could potentially help cushion any losses incurred from such fall.