After dropping to less than $30,000, bitcoin goes up 15%

Charlie Taylor

Coingoback" srcset=" 700w, uploads/2022/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, 150w, 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;"/>The bitcoin market showed resilience today, rising about 15% after falling below $30,000 to the lowest level since January In doing so, the cryptocurrency helped illustrate how much support it has around this fundamental psychological level. If the quote tests that level again, there will likely be a lot of pressure from bitcoiners taking advantage of the discount to buy coins. market value today, falling from close to $33,000 for $28,814.75, Coindesk's figures show. After falling to this point, bitcoin has traded at its lowest level since January 4. However, after suffering those losses, bitcoin has rebounded, rising more than 15% to reach nearly $33,300 this afternoon.

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What experts are waiting for the BTC

For a Forbes story, several technical analysts provided upbeat interpretations of this price hike. Katie Stockton, founder and managing partner of Fairlead Strategies, LLC, noted, "The recovery attests to support near current levels." “Shows a welcome reaction to oversold indications!” William Noble, chief technical analyst at Token Metrics research platform, also commented on the matter, emphasizing that while recent declines have been significant, they are not the end of the world .Even though bitcoin has dropped to $30,000, it hasn't hit $26,000, which he considers "the ultimate psychological fulcrum" since it's "Michael Saylor's average purchase price" for the digital asset. Jason Lau, COO of the OKCoin cryptocurrency exchange, also offered his opinion, providing some technical analysis. “The $30k per BTC range has been tested and shown solid support since early 2022, having been tested and returned several times. ” he said. Lau emphasized that while temporary declines below $30,000 are not a major cause for concern, if the digital currency is traded “below $30,000 for a significant period,” he will “be closely monitoring” .Pankaj Balani, co-founder and CEO of Delta Exchange, opined, providing an assessment of market factors and key technical levels. “Bitcoin jumped sharply from today's lows and is trading near the day's high,” he noted. Unlike previous times, there is little leverage in the system on the long side these days, this was visible in the gradual decline compared to the sharp declines we saw in mid-May. In fact, short shorts have started to enter the market and the risk of sharp rallies due to short squeezes is greater,” added Balani. $30,000 – $42,000 for now and test it a few more times before making any decisive moves in any direction.” “The global macro environment is positive and until such time as there's a big shift in that, we don't expect Bitcoin to break out the $30,000 support.”See too:Buy and sell Bitcoin and other cryptocurrencies on Coinext
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