{"id":491105,"date":"2023-05-23T08:23:58","date_gmt":"2023-05-23T08:23:58","guid":{"rendered":"https:\/\/wncen.com\/?p=491105"},"modified":"2025-06-11T14:20:03","modified_gmt":"2025-06-11T14:20:03","slug":"bitcoin-reclaims-30k-territory","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-reclaims-30k-territory\/","title":{"rendered":"Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In"},"content":{"rendered":"

Bitcoin recorded a significant positive divergence early\u00a0Monday, following seven days of trading below $30,000. The crypto\u00a0is trading at $30,536.93 at press time, a decrease of 2.5 percent from the previous week, according to Coingecko data.<\/p>\n

In the preceding 24\u00a0hours, the worldwide cryptocurrency market capitalization increased by almost 2 percent, reaching nearly $1.3 trillion. However, the total trading volume of cryptocurrencies was up\u00a0by more than 28 percent to $62.13 billion.<\/p>\n

Bitcoin has struggled in recent weeks as the U.S. Federal Reserve has increased interest rates and inflation has remained up, increasing the likelihood of further monetary tightening.<\/p>\n

Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming<\/a><\/em><\/strong><\/p>\n

Bitcoin No Longer A Hedge Vs. Inflation?<\/h2>\n

In the past, Bitcoin was recommended as a hedge against inflation, but in recent months it has proven to be closely associated with risk assets, such as the Nasdaq 100, which has fallen in response to broader market volatility.<\/p>\n

Over the past 10 days, Bitcoin’s price has been trading flat,\u00a0consolidating\u00a0around $30,000. Bitcoin may find it difficult to recapture its former glory, since investors appear to be avoiding riskier assets in the present inflationary environment.<\/p>\n

According to Mudrex Co-Founder and CEO Edul Patel:<\/p>\n

\n

“Despite a nearly 3 percent increase over the past 24 hours, Bitcoin was unable to breach the US$30,000 threshold. Over the last week, Bitcoin’s price remained unchanged, as it struggled to move beyond its support.”<\/h4>\n<\/blockquote>\n

The Dow Jones Industrial Average (DJIA) has decreased for nearly eight consecutive weeks, and major indexes have followed suit.<\/p>\n

As the S&P 500 declined, a strong correlation between it and the crypto markets became clear. BTC ending the week at $30,000 represents its seventh straight weekly closing in the red territory, according to Darshan Bathija, CEO and Co-Founder of Vauld.<\/p>\n

<\/p>\n

BTC total market cap at $578 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
For his part, popular crypto analyst Lark Davis writes:<\/p>\n
\n
“Bitcoin is exhibiting a massive bullish divergence on a daily scale. The last time something similar occurred was in 2021. Could this portend a massive rally?”<\/h4>\n<\/blockquote>\n
Suggested Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery<\/a><\/em><\/strong><\/p>\n
Crucial Next Two Weeks For BTC<\/h2>\n
Genesis Global Trading’s Noelle Acheson and Konrad Laesser said in a Saturday note that the price of Bitcoin will likely fluctuate between $29,000 and $31,000 over the next two weeks.<\/p>\n
Some economic-data releases, such as U.S. gross domestic product (GDP) or inflation figures, “may alter the narrative,” according to Acheson and Laesser.<\/p>\n
According to analysts at WazirX Trade Desk, BTC’s monthly trend has broken below the ascending channel pattern.<\/p>\n
Meanwhile, the next level of resistance for BTC is anticipated to be $40,000, while the nearest level of support is $24,000.<\/p>\n
Bitcoin’s monthly relative strength index is currently at 47, its lowest level in more than two years. The support level for the RSI is 43, according to analysts.<\/p>\n
Featured image from Al Bawaba, chart from TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin recorded a significant positive divergence early\u00a0Monday, following seven days of trading below $30,000. The crypto\u00a0is trading at $30,536.93 at press time, a decrease of 2.5 percent from the previous week, according to Coingecko data. In the preceding 24\u00a0hours, the worldwide cryptocurrency market capitalization increased by almost 2 percent, reaching nearly $1.3 trillion. However, the total trading volume of cryptocurrencies was up\u00a0by more than 28 percent to $62.13 billion. Bitcoin has struggled in recent weeks as the U.S. Federal Reserve has increased interest rates and inflation has remained up, increasing the likelihood of further monetary tightening. Suggested Reading | Cardano (ADA) Grapples At $0.524; Bullish Trajectory Coming Bitcoin No Longer A Hedge Vs. Inflation? In the past, Bitcoin was recommended as a hedge against inflation, but in recent months it has proven to be closely associated with risk assets, such as the Nasdaq 100, which has fallen in response to broader market volatility. Over the past 10 days, Bitcoin’s price has been trading flat,\u00a0consolidating\u00a0around $30,000. Bitcoin may find it difficult to recapture its former glory, since investors appear to be avoiding riskier assets in the present inflationary environment. According to Mudrex Co-Founder and CEO Edul Patel: “Despite a nearly 3 percent increase over the past 24 hours, Bitcoin was unable to breach the US$30,000 threshold. Over the last week, Bitcoin’s price remained unchanged, as it struggled to move beyond its support.” The Dow Jones Industrial Average (DJIA) has decreased for nearly eight consecutive weeks, and major indexes have followed suit. As the S&P 500 declined, a strong correlation between it and the crypto markets became clear. BTC ending the week at $30,000 represents its seventh straight weekly closing in the red territory, according to Darshan Bathija, CEO and Co-Founder of Vauld. BTC total market cap at $578 billion on the daily chart | Source: TradingView.com For his part, popular crypto analyst Lark Davis writes: “Bitcoin is exhibiting a massive bullish divergence on a daily scale. The last time something similar occurred was in 2021. Could this portend a massive rally?” Suggested Reading | Cosmos (ATOM) Skyrockets 12% Following Bitcoin And Ethereum Recovery Crucial Next Two Weeks For BTC Genesis Global Trading’s Noelle Acheson and Konrad Laesser said in a Saturday note that the price of Bitcoin will likely fluctuate between $29,000 and $31,000 over the next two weeks. Some economic-data releases, such as U.S. gross domestic product (GDP) or inflation figures, “may alter the narrative,” according to Acheson and Laesser. According to analysts at WazirX Trade Desk, BTC’s monthly trend has broken below the ascending channel pattern. Meanwhile, the next level of resistance for BTC is anticipated to be $40,000, while the nearest level of support is $24,000. Bitcoin’s monthly relative strength index is currently at 47, its lowest level in more than two years. The support level for the RSI is 43, according to analysts. Featured image from Al Bawaba, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":491106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83361,3],"tags":[428,1119,6664,2438],"class_list":["post-491105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-btc","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-inflation"],"acf":[],"yoast_head":"\nBitcoin Reclaims $30K Territory After Recent Weeks' Struggle - Analysts Weigh In<\/title>\n<meta name=\"description\" content=\"Bitcoin recorded a significant positive divergence early\u00a0Monday, following seven days of trading below $30,000. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In","url":"http:\/\/wncen.com\/news\/bitcoin-reclaims-30k-territory\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-reclaims-30k-territory\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/vv-1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/vv-1.png?fit=722%2C422"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto","inflation"],"dateCreated":"2023-05-23T08:23:58Z","datePublished":"2023-05-23T08:23:58Z","dateModified":"2025-06-11T14:20:03Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-reclaims-30k-territory\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-reclaims-30k-territory\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/vv-1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/vv-1.png?fit=722%2C422\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\",\"inflation\"],\"dateCreated\":\"2023-05-23T08:23:58Z\",\"datePublished\":\"2023-05-23T08:23:58Z\",\"dateModified\":\"2025-06-11T14:20:03Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/vv-1.png?fit=722%2C422","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/491105"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=491105"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/491105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/491106"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=491105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=491105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=491105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}