← Go back Oct 10, 2023
Bitcoin Nears $30K, but Analysts Warn of Potential Bearish Shifts By Investing.com (adsbygoogle = window.adsbygoogle || []).push({}); © Reuters (BTC) saw its value rise to a multi-month high of $31,000 over the weekend, marking its fourth visit to this price level in 2023. This surge pushed the total crypto market cap to its highest since mid-August 2023, reaching $1.19 trillion. The bullish weekly close wiped out two months of losses and propelled Bitcoin’s dominance to over 52%, a level not seen since April 2021. MicroStrategy’s $4.6 billion Bitcoin investment also returned to profitability following an 11% weekly gain. Despite Bitcoin’s 2% daily gain overshadowing most altcoins after the FTX collapse/bottom at 15k, several altcoins recorded substantial gains. Chainlink’s LINK led with a 17% gain breaking through the $8 resistance to reach $10.74 post-Terra/Luna collapse, while AAVE returned to 2023 resistance levels. Today, Bitcoin hit its highest level since July at $30,369, marking its fourth-largest weekly gain in 2021. However, analysts caution against potential bearish shifts despite its current trading value of $29,950. A weekly close above $31k could signal bullish dominance over volatility. Crypto analyst Ali cautioned about a head-and-shoulders pattern on Bitcoin’s daily chart, an overextended outlook due to the TD Sequential indicator showing a green 9 candlestick, and an RSI of 74.21, which has triggered sharp corrections since March. Positive ETF news could catalyze a run to $40k, but in the absence of this, the bearish pattern could test the resistance zone leading to a retest of support at $28,492 or even reach a bearish target of $25k. To avoid a price correction, a daily candlestick close above $31,560 would be necessary. (adsbygoogle = window.adsbygoogle || []).push({}); This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. Check More Business News Click Here– Latest Business News Check More Latest Cryptocurrency News Click Here– Latest Cryptocurrency News (adsbygoogle = window.adsbygoogle || []).push({}); Tags: 30k Analysts bearish best business news apps best business news channel in india bitcoin business news business news tn daily business news international business news Investing.com latest news in business nears online business news potential recent business news shifts top business news today warn
Read more: news4social
