Bitcoin (BTC), the leading cryptocurrency, surpassed the $30,000 mark following the release of U.S. data. What comments are being made about BTC’s price movement?
BTC’s price performance was impressive as the leading cryptocurrency returned to the $30,000 mark for the first time since mid-April of this year. Hopes are increasing over a correction that would provide profitable entry points for longer positions. Michaël van de Poppe, founder and CEO of Eight Trading, said in a statement on Twitter:
Bitcoin is looking at this scenario. I think $28,500 is a great place to miss, the lower the better, but this is the area you would want to take it before going up to $40,000.
Another cryptocurrency expert, Crypto Tony, is holding onto a more modest target of $32,000 while evaluating much longer-term levels, including surpassing the current all-time high of $69,000. The expert said:
After the falling wedge broke, we returned to the main resistance now: $30,000. Prices seem to be pausing a bit, which shows that we may soon be able to catch buying opportunities from the bottom. We are personally watching $29,000 and $28,000. If we take it, we are ready to bid.
Meanwhile, on-chain analytics firm Glassnode, which analyzed the positive aspects of the past few days, argued that Bitcoin is doing nothing unusual. Volatility has been following BTC‘s price movement for a long time, accustomed to many other breaks.
A chart uploaded by Glassnode to Twitter shows the highest and lowest levels over 30 days over the years. The previous month was also described as “extremely tight” on the chart. Glassnode said:
Historically, extremely narrow trading ranges have come before large, volatile moves in both directions. Therefore, the 30-day Bitcoin high and low price range can be used as a forward-looking indicator to detect incoming volatility, and the latest rally is no exception.