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Bitcoin Rises to $30K; Resistance at $35K
BTC is on track to register a positive momentum signal on the daily chart.
Door Damanick Dantes
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Bitcoin (BTC) continues to trade around $30,000, which is near the bottom of a year-long price range. The cryptocurrency appears to be stabilizing, although resistance at $33,000 and $35,000 could stall an upswing in price.
BTC is up by 2% over the past 24 hours and down by 24% over the past 30 days. The recent sell-off extended bitcoin's short-term downtrend despite oversold conditions on the chart.
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The relative strength index (RSI) on the daily chart is rising from oversold levels, reached on May 12 when BTC declined toward $25,300. Typically, oversold signals precede a price bounce, similar to what occurred in late January.
Further, on the daily chart, BTC on track to register a positive momentum signal, per the MACD indicator for the first time since late March. Still, momentum signals remain negative on the weekly and monthly charts, which suggests limited upside from here.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
Wat u moet weten:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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