For the past few days, Bitcoin bulls have been praying for a breakout above $30K, since it crossed $28K. At present, it is hovering at $29K as the Bitcoin bulls barely managed to maintain stability at its $26,600 immediate support zone.
At that point, the crypto market capitalization sits at $1.18 trillion, while the capitalization of crypto giant Bitcoin appears slightly weak at $544.3 billion due to a 1.48% overnight decline.
On-chain alert account – Glassnode tweeted on March 30, indicating that the percent supply of Bitcoin active over the past 1+ year was seen at a new all-time high (ATH).
Daily on-chain exchange inflows recorded an outflow of $1.1 billion in Bitcoin, with net flows down by $148.1 million as total inflows totaled $921 million, according to Glassnote data.
The largest cryptocurrency – Bitcoin (BTC) recorded its highest peak of 2023 at $29,184 on March 30 before surging in an aggressive selloff. Thus bears often defend their positions near the $29K-30K supply zone. For the past several days, the price of BTC was stuck in the middle of a horizontal range due to the battle of the bulls and bears.
Bitcoin price appears to be range-bound in a horizontal box pattern (red) after breaking the key 2023-year resistance of $25K. Therefore, the bulls are often experiencing a pullback near the ascending resistance line.
Due to the wide trading range, Bitcoin speculators are faced with pump and dump. The observation of the market in particular shows the emergence of bullish hopes to break the level of $30K.
At press time, Bitcoin price is facing selling pressure, trading at $28,000 against the USDT. However, the trading volume decreased by 20% to $19.19 billion in the last 24 hours.
Bulls can extend the uptrend of the box pattern
Bulls are likely to soon experience $30K as the price of the currency BTC remains above 400 days after a 15-month struggle.
The RSI remains in the bullish zone, which may increase the expectations of the buyers for further upside.
Also read: Bitcoin Breaks $28K Barrier as Banking Sector Struggles
