Will a quick comeback pave the way for Bitcoin to $30,000?

Bitcoin started the critical week with a decline, causing short-term uneasiness throughout the market. The largest cryptocurrency, after starting the week with sellers, fell below $ 25,000 as sales accelerated during US trading hours. Towards the end of the day, when the sellers lost their strength at the $ 25,000 limit, this time the buyers took control and increased their pressure towards the Asian closing, and the cryptocurrency regained yesterday’s losses at the same pace.

However, with the participation of new buyers during European hours, Bitcoin started to find ground above $ 26,000 after rising to $ 26,300 in the middle of the day. The last 24-hour price action also confirmed the $25,000 level as a demand zone. The expectation in the market was that if the horizontal outlook deteriorated downwards, the BTC price could drop to $22,000. However, buyers remained strong enough to defend the $25,000 zone this time.

The defense line formed in the $ 25,000 region seems to have given confidence to investors, and today it is seen that BTC regained the $ 26,000 band with a value increase of nearly 4%. Although short-term technical indicators started to produce positive signals after this return, it seems that Bitcoin has not yet recovered from the traffic that expanded to $ 26,500. Although rumors of $ 30,000 started to be expressed for Bitcoin after the last jump, the 50 and 200-day moving averages, which currently intersect in the region of $ 27,500 on average, after the resistance of $ 26,500, are also in a solid resistance position. On the other hand, a catalyst that will take Bitcoin to the psychological level of $ 30,000 may be the surprising announcement of the US inflation figure below expectations. Otherwise, in an environment where inflationary pressure continues and the dollar strengthens, risk appetite will remain low, while positive developments that will increase the demand for cryptocurrencies, especially Bitcoin, will remain weak.

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