• Bitcoin’s price broke $29K, leading to speculation that it could surge above $30K in the next 24 hours.
• The analyst believes that Bitcoin is still in a cool-off phase until the trend is confirmed with a break back above resistance or a bullish crossover in the MACD.
• The funding rates across most exchanges for most coins are currently sitting in the negative, indicating a possible short-term bullish trend.
Bitcoin Price Breaks $29K
Bitcoin reached highs around $29,000 on Wednesday morning due to concerns about a fresh banking crisis in the United States. According to analyst Crypto World on YouTube, there is still no confirmation of this bullish trend and Bitcoin may need more indications such as a break back above resistance or a bullish crossover in the MACD to confirm it.
Will BTC Surge Above $30K?
The analyst suggests that if Bitcoin sees a break above $27.8k, then it could go towards its price target of about $28.4k. However, there is an area of significant resistance between $28.7k and $29k which must be broken before any further growth can happen. With current funding rates across most exchanges being negative, there appears to be potential for short-term bullishness.
Analysis On Daily Time Frame
Analysts have noted that over the last one and a half weeks, Bitcoin has seen short-term bearish momentum which needs to be confirmed with additional indications before any long-term trends can be determined. On the daily time frame, there is an area of significant resistance between $28,000 and $29,500 which must be broken before further growth can occur.
Four Hour Time Frame
On the smaller four hour time frame however, multiple bullish confirmations signals have been seen which could indicate an upcoming short-term bull run for Bitcoin prices. This combined with negative funding rates across many exchanges suggests potential for growth in these areas over the coming days.
Conclusion
Overall analysts remain cautiously optimistic about Bitcoin’s prospects over the coming days after reaching highs around $29K on Wednesday morning due to increased concerns about banking crisis in America but caution that more confirmations are needed before any long term trends can be established regarding growth beyond this level