Bitcoin Price Surges Past $30K Before Pulling Back
After a period of stagnation, bitcoin’s price sprung to life this week with a rally that briefly sent it past $30,000 for the first time. The leading cryptocurrency climbed as high as $30,200 on Tuesday before running into selling pressure.
The sharp move upward was bitcoin’s first significant price action in over a week. It came after a period in which the cryptocurrency traded in a relatively narrow range between $28,000 and $29,000.
Bitcoin was unable to sustain gains above the $30,000 level, which represents both a psychological and technical resistance point. It quickly pulled back from its highs, with sellers keeping further upside at bay. Still, the breakout suggests bitcoin’s uptrend remains intact as it continues setting new all-time highs.
The next move for bitcoin remains uncertain after this failed breakout attempt. Traders will be watching to see if bulls can regain momentum for another push past $30,000 soon.
Otherwise, bitcoin may enter into a more extended period of choppy trading and low volatility as it consolidates between $28,000 and $30,000. Volume may dry up as well if no clear direction emerges in the coming days and weeks.
The lack of follow-through after surpassing $30,000 has left bitcoin at a critical juncture. Whether bulls can maintain control and propel prices higher or bears take over, driving it back toward support levels, should become apparent based on how bitcoin trades over the next few sessions.