Bitcoin saw modest gains following comments by US Federal Reserve Chair Jerome Powell that led to higher treasury yields. The surge came after rumors of the SEC approving a BTC spot ETF proposal by BlackRock, pushing Bitcoin above $29,000. Despite a declining US stock market, Bitcoin rapidly soared past $30K on Thursday, disregarding a 6 basis point jump in the 10-year U.S. Treasury yield to almost 5%, prompted by Powell's remarks.
According to Coingabbar Price Analysis, Bitcoin's price is currently experiencing a strong bullish trend, having broken through a key trendline and maintaining positive momentum. Over the past five days, it has surged by 11.20%, climbing from $26,800 to $29,860, with its sights firmly set on further gains. This upward trajectory in BTC is supported by a retest of the $28,000 level and a significant bounce off the 200-Day Moving Average, as indicated by two bullish engulfing candles.
Furthermore, there is an emerging rounding bottom reversal pattern, suggesting the potential for a move towards the $30,000 neckline. A closer examination of the 4-hour chart reveals that BTC's price has successfully breached the Rising Channel pattern, and if this trend persists, we could see Bitcoin reaching the $30,000 level soon.
KEY LEVELS :
RESISTANCE LEVEL : $30,150-$30,500
SUPPORT LEVEL : $29,400-$28,900
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
