$30000, as an important psychological area, can be proven to be driving or marking Bitcoin's pursuit of sustained upward movement.Bitcoin needs to break through the resistance level of around $30000, and the trading volume surrounding previous purchasing pressures needs to be higher
$30000, as an important psychological area, can be proven to be driving or marking Bitcoin's pursuit of sustained upward movement.
- Bitcoin needs to break through the resistance level of around $30000, and the trading volume surrounding previous purchasing pressures needs to be higher.
- The accumulation of BTC is increasing and may lead to an increase in volatility.
After breaking through $29000, the market's optimism began to rise again, with many people believing that Bitcoin's [btc] will reach $30000. It's a question of when, not if. However, according to IntoTheBlock's data, this may not be an easy task. This is because there is potential resistance near the $30000 level.
Bitcoin is in a critical position
Although 73% of Bitcoin holders are now profitable, the blockchain insight platform points out that this resistance may be due to the accumulation of over 1.4 million addresses in the region.
One reason why this region is also important is due to the historical needs of BTC at this level. For example, institutional investors such as Michael Saylor's Microstrategy and Elon Musk's Tesla
This is also the same situation as some retail participants. Therefore, some market participants may attempt to achieve breakeven at these time points. This in turn may lower the recent upward trend experienced.
A smooth sail may be approaching
To avoid this situation, it is necessary to accumulate a large amount and may require over 496BTC previously stored in areas ranging from $29796 to $30673. According to Glassnode's data, the cumulative trend score of Bitcoin is 0.72, as of publication.
As a value from 0 to 1, the cumulative trend score is an indicator that reflects the relative size of entities actively accumulating coins on the chain and their BTC holdings.
When the value of the indicator approaches zero, it means that the market is in a distribution mode. Therefore, the values mentioned above imply accumulation over allocation.
Therefore, the probability of Bitcoin rising to $30000 is higher than falling by $29000.
Due to Bitcoin attempting to exceed the price at the time of publication, it may also experience a surge in volatility. This is the view of Korean chain analyst Mignolet. Mignolet, who presented their own opinion, CryptoQuant, pointed out that the expenditure output age range (SOAB) of 3-6 months is evidence of rising price fluctuations.
SOAB is a bundle of all used outputs created within a specified time period. This indicator is responsible for revealing the behavior of holders in a certain market atmosphere. Regarding the recent trends, the analyst explained that,
During this period, the significant turnover of approximately 120000 people can serve as a volatility indicator. We may soon see significant fluctuations
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