{"id":352369,"date":"2023-10-21T07:00:00","date_gmt":"2023-10-21T01:30:00","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=352369"},"modified":"2023-10-21T10:06:25","modified_gmt":"2023-10-21T04:36:25","slug":"bitcoin-why-a-move-to-30k-is-more-plausible-than-a-fall-below-29k","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-why-a-move-to-30k-is-more-plausible-than-a-fall-below-29k\/","title":{"rendered":"Bitcoin: Why a move to $30k is more plausible than a fall below $29k"},"content":{"rendered":"<ul>\n<li><em>For Bitcoin to beat the resistance around $30,000, the volume around the previous buying pressure needs to be higher.<\/em><\/li>\n<li><em>BTC accumulation is increasing and could be followed by a rise in volatility.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After blasting past $29,000, optimism in the market has started to rise again, with many opining that <\/span><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><span style=\"font-weight: 400;\"> journey to $30,000 was a question of when not if. However, according to IntoTheBlock\u2019s data, it may not be an easy ride to the said price. This is because of a potential resistance around the $30,000 mark.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<h4><b>Bitcoin is in a critical position<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In spite of the fact that 73% of Bitcoin holders were now in profit, the blockchain insight platform noted that the resistance may occur because of the over 1.4 million addresses that <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-moves-past-28k-is-btc-ready-to-go-on-a-bullish-spree\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">accumulated<\/span><\/a><span style=\"font-weight: 400;\"> in the region.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As Bitcoin is inching closer to $30k, we find that the most significant potential resistance is also around that $30k mark, where 1.49M addresses acquired Bitcoin. <\/p>\n<p>At the same time, 73% of Bitcoin addresses are currently in profit. This level has proven to be a significant\u2026 <a href=\"https:\/\/t.co\/OymqUOQ4Hw\">pic.twitter.com\/OymqUOQ4Hw<\/a><\/p>\n<p>&mdash; Sentora (@SentoraHQ) <a href=\"https:\/\/twitter.com\/SentoraHQ\/status\/1715298141686104574?ref_src=twsrc%5Etfw\">October 20, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">One reason why this region was also important was due to the historical demand BTC had at this level. For instance, institutional investors like Michael Saylor\u2019s Microstrategy, and Elon Musk\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/tesla-maintains-184-mln-bitcoin-holdings-q3-report\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Tesla<\/span><\/a><span style=\"font-weight: 400;\"> purchased high volumes of BTC around these prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It was also the same case with a number of retail participants. Therefore, it is likely that some market players might try to break even at these points. This could, in turn, draw back the upward movement experienced lately.<\/span><\/p>\n<h4><b>A smooth sail may be coming<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">To avoid such an occurrence, a lot of accumulation has to take place, and it may need to be more than 496 BTC stockpiled previously at the $29,796 to $30,673 region. Well, data from Glasssnode showed that Bitcoin\u2019s <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=indicators.AccumulationTrendScore&amp;zoom=all\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">accumulation trend score<\/span><\/a><span style=\"font-weight: 400;\"> was 0.72 at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a value ranging from zero to one, the accumulation trend score is <\/span><span style=\"font-weight: 400;\">an indicator that reflects the relative size of entities that are actively accumulating coins on-chain in terms of their BTC holdings<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<figure id=\"attachment_352371\" aria-describedby=\"caption-attachment-352371\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-accumulation-trend-score-1.png\"><img decoding=\"async\" class=\"size-full wp-image-352371\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-accumulation-trend-score-1.png\" alt=\"Bitcoin accumulation trend score\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-accumulation-trend-score-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-accumulation-trend-score-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-accumulation-trend-score-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-accumulation-trend-score-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-accumulation-trend-score-1-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-352371\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Whenever the value of the metric is closer to zero, it means that the market is in distribution mode. Thus, the value mentioned above means that there has been more accumulation than distribution.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Hence, the chances of Bitcoin hitting $30,000 is much <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-climbs-to-28-5k-resistance-heres-why-more-gains-are-likely\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">higher<\/span><\/a><span style=\"font-weight: 400;\"> than a fall below $29,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Bitcoin tries to move higher than the price at press time, it is also likely to see a surge in volatility. This was the opinion of Korean on-chain analyst Mignolet. Mignolet, who made his <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/653230e166509a17aa0409b3-A-signal-for-impending-volatility-has-emerged\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">opinion<\/span><\/a><span style=\"font-weight: 400;\"> known on CryptoQuant, noted that 3-6 months Spent Output Age Bands (SOAB) was proof of the hike in price fluctuations.<\/span><\/p>\n<figure id=\"attachment_352372\" aria-describedby=\"caption-attachment-352372\" style=\"width: 848px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-13.05.25.png\"><img decoding=\"async\" class=\"size-full wp-image-352372\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-13.05.25.png\" alt=\"Bitcoin Spent Output Age Bands\" width=\"848\" height=\"524\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-13.05.25.png 848w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-13.05.25-300x185.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-20-at-13.05.25-768x475.png 768w\" sizes=\"(max-width: 848px) 100vw, 848px\" \/><\/a><figcaption id=\"caption-attachment-352372\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 BTCs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The SOAB is a bundle of all spent outputs that were created within a specified age band. The metric is responsible for revealing the behavior of holders in a certain market atmosphere. Regarding the recent movement, the analyst explained that,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe significant movements of around 120,000 during this period can be used as a volatility indicator. We might see significant volatility soon.\u201d<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The $30,000, being an important psychological area, could prove to make or mar Bitcoin in its quest for a continuous movement upwards. <\/p>\n","protected":false},"author":72,"featured_media":352370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,66,3,4,20],"tags":[],"class_list":["post-352369","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin: Why a move to $30k is more plausible than a fall below $29k - AMBCrypto<\/title>\n<meta name=\"description\" content=\"After blasting past $29,000, optimism in the market has started to rise again, with many opining that Bitcoin\u2019s [BTC] journey\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-why-a-move-to-30k-is-more-plausible-than-a-fall-below-29k\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin: Why a move to $30k is more plausible than a fall below $29k - 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