New data hints at why Bitcoin price movement took two months to reach $30,000


Bitcoin (Bitcoin) After hitting $30,000, the price fluctuated within a range of nearly two months-the new data hints at the reason.

In a series tweets On Thursday, popular Twitter commentator Nunya Bizniz raised multiple arguments in support of the importance of $30,000 to BTC/USD.

All roads lead to $30,000?

in spite of Fundamentals rise And ongoing Adoption narrative, BTC price movement failed to re-establish a bullish trend.

Bitcoin is still 50% below its recent all-time high and has no direction, which leads people to tend to bearish eight-week sideways results.

For Nunyaz Bizniz, many technical factors are converging to support USD 30,000 as the focus level.

These include the 1.618 Fibonacci extension level “approximately” on the monthly chart of $30,000, compared to a low of $3,100 at the end of 2018, and the annual opening price in 2021.

Its psychological meaning is more complicated because it is a whole number. As others have pointed out, it conforms to the long-term trend line, running $64,500 as a small scale to the top of the burst.

“This is approximately 1.618 Fib Ext. In the previous two cycles, it was tested as support, but it never closed below on the monthly chart,” reads the accompanying comment on the Fibonacci phenomenon.

“this time?”

Comparison of BTC/USD chart and Fibonacci extension.Source: Nunya Bizniz/Twitter

Research defends “Bitcoin Super Cycle”

The importance of Bitcoin not falling below $30,000 and failing to recover it has heightened concerns about the total collapse of Bitcoin’s price.

related: Bitcoin indicators see the “rebound hell”, which historically heralds the bottoming of BTC prices

Amidst uneasiness, some voices caveat This is just a desire to explain events to advance your own narrative, bullish or bearish, this is at work.

At the same time, as confirmed by fundamentals, Bitcoin itself is not as weak as the price implies.

“Regardless of your risk appetite, it is key to develop a strategy now so as not to miss the next wave of the current Bitcoin supercycle,” Stack Funds concluded in its latest report released on Thursday.

BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView

At the same time, Nunya Bizniz listed Tesla’s BTC hiding place as a potential sticking point. Users calculated that below $30,000, the company will start to get into trouble, which may trigger executives to sell more products to reduce losses.

As Cointelegraph Report, Investors have returned to the accumulation stage of around 30,000 USD.