Bitcoin Price Prediction: Triangle Breakout to Determine Next Move in BTC
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- BTC/USD pair extended its bullish streak from the previous session and remained well bid around the $30,000 level.
- BTC/USD pair was able to extend its previous session’s upward trend to $30,000.
- A break below the $29,500 support level on the downside could send the stock much lower.
The leading cryptocurrency pair BTC/USD continues to hold under $30,000. On Wednesday, Bitcoin price prediction continues to remain neutral as the symmetrical triangle pattern is keeping the trend choppy.
Due to several factors, the BTC/USD pair was able to extend its previous session’s upward trend to $30,000.
Previously, the BTC/USD pair extended its bullish streak from the previous session and remained well bid around the $30,000 level. Bitcoin’s price remained stable versus the US dollar, trading above the $29,500 support level. The leading crypto coin, Bitcoin, is rising, but it must surpass $30,500 to enter the green zone. A new base was formed at around $28,600, and the price began to rise again.
Let’s take a quick look at the major events affecting the BTC/USD coin.
China’s Attempt to Ban Bitcoin Mining Failed Miserably
The Chinese government’s ban on bitcoin mining in June 2021 may have failed, demonstrating the network’s stability. Data collected indicates that China is experiencing significant regrowth. Even this colossal dictatorship appears to have failed to outlaw bitcoin mining.
Despite China’s harsh crackdown, the total BTC hash rate began to recover 68 percent to pre-ban levels around nine months ago, as China-based miners relocated to countries that appeared to be more welcoming to crypto mining activity—such as Kazakhstan and the United States—and other powerful miners increased their activity.
China’s miners currently produce 21% of all bitcoin hashrate. This is a significant increase from the 0 EH/s voids that caused a brief panic in 2021 and influenced the coin’s price. For the first time, China’s output has surpassed Kazakhstan’s. This could have a positive impact on the price of Bitcoin.
Relevant analysis: Bitcoin Price Prediction: Why BTC Could Drive Sell-off Under $30,000?
Mercado Bitcoin and Stellar develop an MVP for Brazilian CBDC
The Stellar Development Foundation has announced a partnership with the Brazilian cryptocurrency exchange Mercado Bitcoin (SDF). The organization intends to work on one of the nine projects chosen for the LIFT Challenge Real Digital, which is sponsored by the Brazilian Central Bank. The LIFT Challenge The Brazilian Central Bank (Bacen) developed Real Digital in collaboration with the National Federation of Central Bank Servers (Fenasbac). With the addition of Stellar, SDF will become a member of the Mercado Bitcoin-led group developing Real Digital solutions such as CPQD and ClearSale.
Bitcoin Price Prediction: Triangle to Support at $29,500
Bitcoin is currently worth $29,893.11 and has a 24-hour trading volume of $28,194,628,279. In the previous 24 hours, Bitcoin had gained 1.79 percent. The current market ranking is #1, with a live market cap of $569,424,835,355. There are currently 19,048,700 Bitcoin coins in circulation, with a total supply of 21,000,000 bitcoin coins.
The $29,200 and $29,500 resistance levels were clearly breached. The price broke through the 50% Fib retracement level of the bearish move from the swing high of $30,630 to the low of $28,635.
Furthermore, on the hourly chart of the BTC/USD, there was a break above a strong negative trend line with resistance near $30,800. The bitcoin price is currently trading above the 100 hourly simple moving average of $29,500. If bitcoin fails to break through the $30,600 resistance level, it may fall even further. On the downside, there is immediate support at or near the $29,600 level.
The 100 hourly simple moving average and the $29,500 mark provide the first significant support. A break below the $29,500 support level on the downside could send the stock much lower. The key support is expected to be near $28,500, where the bulls will take a firm stance. Good luck!