Will Bitcoin make it past $30,000?

Sander Fitcher
Cryptocurrencies
Bitcoin Price Move
  • Bitcoin has experienced selling pressure, however, it broke back above $29,000.
  • If the selling pressure is enough it could trigger further declines, while bullish dominance could push beyond $30,000.
  • Bitcoin interest in the derivatives market has returned to its two-month highs, an indication that there was strong demand for BTC in the market.

Bitcoin reached a high of $29,380 on March 24 before experiencing a resurgence in selling pressure. Almost a week later, the bulls show their strength again.

Bitcoin once again exceeded USD 29,000, which suggests that it will soon cross the USD 30,000 barrier. But how likely is this to happen, especially now that the price has to face resistance?

Recent market signals offer some clues as to what to expect. For example, on March 30, Glassnode revealed that the percentage of circulating supply that hasn’t moved in at least 1 year is one new ATH.

Will the bulls give in to selling pressure?

An analysis of Bitcoin explains why it has been experiencing selling pressure. Upon touching the uptrend line, many investors have taken profits, thus causing a retracement to $28,400.

Sufficient selling pressure could trigger further declines, while bullish dominance could push past resistance and possibly above $30,000.

A look at the data from the stock markets revealed that both inflows and outflows fell sharply in the last 24 hours. However, outflows slightly dominated at 22,178 BTC, compared to currency inflows at 20,548.

Investors should also note that Bitcoin’s interest in the derivatives market has returned to its two-month highs, an indication that there was strong demand for BTC in the market. This increase was accompanied by a rebound in the demand for leverage, as indicated by the estimated leverage ratio.

The last time both indicators reached the same level was March 19. Some selling pressure followed, but it was not enough to trigger a big pullback. The fact that the parameters are back at the same level confirms the relative strength, but the bears may not be far behind.

At the time of writing this article, Bitcoin accumulated a gain of just 1.5% in the last week, standing at USD 28,400.

Glassnode indicated that the amount of Bitcoin HODL was still growing. However, there has also been an increase in selling pressure in recent days. Bitcoin’s daily on-chain outflow peaked at $1.1 billion, while inflows were smaller at $921 million. 

Glassnode indicated that the amount of Bitcoin HODL was still growing. However, there has also been an increase in selling pressure in recent days. Bitcoin’s daily on-chain outflow peaked at $1.1 billion, while inflows were smaller at $921 million. 

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