Bitcoin (BTC) Getting Ready For a Price Surge: Can We Break Above the $30K Zone This Time?

20 Sep 2023 by Crypto Presale 2 min read

Bitcoin, the largest cryptocurrency by market cap, had a great start to the year. Climbing from below $20K and soaring to over $30K, returning a decent ROI to its investors. However, since the second quarter, BTC has been struggling to continue its uptrend, falling back to $25K.

Over the last 24 hours, the Bitcoin (BTC) price has changed by -0.5%. Zooming out a bit, Bitcoin has gained 3% in the past week and a remarkable 62% ROI year to date. Recent price analysis suggests there might be an impending rally for BTC if certain conditions hold. Keep reading to find out.

Technical Analysis

Daily Timeframe

Source: TradingView

Looking at the daily timeframe, it’s safe to say the uptrend is still valid until the $25K support level breaks. For now, it looks like the bulls that are defending this zone are doing a great job, as the sellers have tried to break below this zone two times and failed.

Yesterday, Bitcoin closed above the 200-day EMA, which shows that the bulls might still be in action as they are fighting to keep the price up. Also, for the first time in September, the Relative Strength Index just climbed above the 50% mark. Which shows that the buyers are stepping back in and accumulation is ongoing. In addition, there is a bullish divergence on the RSI, which shows there is rising bullish momentum.

4 Hour Timeframe

Source: TradingView

In the 4-hour timeframe, BTC just broke out of a consolidation phase, breaking above the $26,800 resistance zone. Also, the RSI shows a potential upward cross-over between the 50-day EMA and 200-day EMA, showing a potential trend reversal from bearish to bullish. Also, the RSI is trending above the 50% band, indicating that the buyers are dominant in the 4-hour timeframe.

Can BTC Break Above the $30K Zone This Time?

Before BTC can break above the $30K zone, there are a number of conditions to be met. First, there is a minor resistance zone around the $28K zone. A break above this zone will expose the $30K zone. With more bullish momentum, BTC can hit $30K soon. However, to break above the $30K zone, there needs to be positive sentiment in the market to trigger a big rally. For one, there has been news of pending Spot BTC ETF applications; an approval of Spot BTC ETF might be the catalyst needed to trigger the next big rally.

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