{"id":546275,"date":"2023-08-09T02:00:06","date_gmt":"2023-08-09T02:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=546275"},"modified":"2024-06-11T14:39:23","modified_gmt":"2024-06-11T14:39:23","slug":"bitcoin-price-to-stay-below-30000-for-now-thick-ceiling-to-hinder-possible-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-to-stay-below-30000-for-now-thick-ceiling-to-hinder-possible-rally\/","title":{"rendered":"Bitcoin Price To Stay Below $30,000 For Now, Thick Ceiling To Hinder Possible Rally?"},"content":{"rendered":"

The Bitcoin price has experienced a slight uptick in the past 24 hours as bulls defended critical support. The number one cryptocurrency by market cap might try another run north of critical resistance, but recent data points towards further sideways price action. <\/strong><\/p>\n

Related Reading: Terra Luna Token Burn Proposal Greenlit \u2013 Could $1 Be Hittable?<\/a><\/div>\n

As of this writing, Bitcoin trades at $29,400 with a 2% profit in the past day. Over the past week, the cryptocurrency has recorded similar profits while the rest of the market stalls or sees losses. Key resistance stands at around $30,000, but BTC failed to breach it on every recent occasion.<\/p>\n

\"Bitcoin
BTC price is moving sideways following a breakout on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Price Prepares\u2026 For Monotony?<\/h2>\n

Over the past two years, the Bitcoin price has been moving in tandem with macroeconomic forces. In particular, BTC reacts to the tension from the U.S. Federal Reserve (Fed) and its interest rates hike program.<\/p>\n

The financial institution is entering a quiet period due to summer vacations. As a result, according to crypto analysis firm Blofin<\/a>, Bitcoin and the crypto market will likely stay within their current range until September.<\/p>\n

Over this period, price movements and volatility spikes will continue to decline as the low liquidity environment impacts price action, and institutions hedging their positions impact volatility, Blofin stated.<\/p>\n

Furthermore, the report claims that potential interest rate hikes are \u201csomewhat priced in\u201d and could be inefficient in propelling BTC above $30,000. The current macroeconomic landscape could persist until May 2023 as inflation, the key reason behind the interest rates hike, becomes sticky.<\/p>\n

The above could translate into sideways price action until that period or until the U.S. Fed decides to cut interest rates paving the way for more risk appetite across the sector. Blofin stated:<\/p>\n

(\u2026) investors seem to have become accustomed to daily life at high interest rates. The lack of liquidity has left investors with little interest in \u201ctrading\u201d. Most investors are sitting on the sidelines.<\/p><\/blockquote>\n

Bitcoin Investors Brace For Impact<\/h2>\n

The chart below shows monthly trading volume across crypto exchanges has declined since July 2022. The report stated that this status quo reflects investors’ lack of interest in crypto, with BTC recording intraday price movements of around 0.1%, a first for the cryptocurrency in such an extended period.<\/p>\n

\"Bitcoin
Trading volume across crypto exchanges. Source: IntoTheBlock via Blofin<\/figcaption><\/figure>\n
Related Reading: Bitcoin Miners Show Accumulation Again, Bullish Sign?<\/a><\/div>\n

In that sense, the crypto research firm believes that, due to the lack of strength around BTC and ETH, prices are likely to see a dip:<\/p>\n

(\u2026) it is not difficult to find that when the price of BTC is around $30,000, and the price of ETH is around $2,000, both will lose further upward momentum here, hovering for a while, and then fall. The time to hit both levels was short or long, but further price breakouts did not occur. There seems to be an invisible ceiling around these two levels (\u2026)<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has experienced a slight uptick in the past 24 hours as bulls defended critical support. The number one cryptocurrency by market cap might try another run north of critical resistance, but recent data points towards further sideways price action. Related Reading: Terra Luna Token Burn Proposal Greenlit \u2013 Could $1 Be Hittable? As of this writing, Bitcoin trades at $29,400 with a 2% profit in the past day. Over the past week, the cryptocurrency has recorded similar profits while the rest of the market stalls or sees losses. Key resistance stands at around $30,000, but BTC failed to breach it on every recent occasion. Bitcoin Price Prepares\u2026 For Monotony? Over the past two years, the Bitcoin price has been moving in tandem with macroeconomic forces. In particular, BTC reacts to the tension from the U.S. Federal Reserve (Fed) and its interest rates hike program. The financial institution is entering a quiet period due to summer vacations. As a result, according to crypto analysis firm Blofin, Bitcoin and the crypto market will likely stay within their current range until September. Over this period, price movements and volatility spikes will continue to decline as the low liquidity environment impacts price action, and institutions hedging their positions impact volatility, Blofin stated. Furthermore, the report claims that potential interest rate hikes are \u201csomewhat priced in\u201d and could be inefficient in propelling BTC above $30,000. The current macroeconomic landscape could persist until May 2023 as inflation, the key reason behind the interest rates hike, becomes sticky. The above could translate into sideways price action until that period or until the U.S. Fed decides to cut interest rates paving the way for more risk appetite across the sector. Blofin stated: (\u2026) investors seem to have become accustomed to daily life at high interest rates. The lack of liquidity has left investors with little interest in \u201ctrading\u201d. Most investors are sitting on the sidelines. Bitcoin Investors Brace For Impact The chart below shows monthly trading volume across crypto exchanges has declined since July 2022. The report stated that this status quo reflects investors’ lack of interest in crypto, with BTC recording intraday price movements of around 0.1%, a first for the cryptocurrency in such an extended period. Related Reading: Bitcoin Miners Show Accumulation Again, Bullish Sign? In that sense, the crypto research firm believes that, due to the lack of strength around BTC and ETH, prices are likely to see a dip: (\u2026) it is not difficult to find that when the price of BTC is around $30,000, and the price of ETH is around $2,000, both will lose further upward momentum here, hovering for a while, and then fall. The time to hit both levels was short or long, but further price breakouts did not occur. There seems to be an invisible ceiling around these two levels (\u2026) Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":546284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-546275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price To Stay Below $30,000, Thick Ceiling To Hinder Rally?<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has experienced a slight uptick in the past 24 hours as bulls defended critical support around $28,600.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price To Stay Below $30,000 For Now, Thick Ceiling To Hinder Possible Rally?","url":"http:\/\/wncen.com\/news\/bitcoin-price-to-stay-below-30000-for-now-thick-ceiling-to-hinder-possible-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-to-stay-below-30000-for-now-thick-ceiling-to-hinder-possible-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT.jpg?fit=1089%2C670"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-08-09T02:00:06Z","datePublished":"2023-08-09T02:00:06Z","dateModified":"2024-06-11T14:39:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price To Stay Below $30,000 For Now, Thick Ceiling To Hinder Possible Rally?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-to-stay-below-30000-for-now-thick-ceiling-to-hinder-possible-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-to-stay-below-30000-for-now-thick-ceiling-to-hinder-possible-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Bitcoin-Price-BTC-BTCUSDT.jpg?fit=1089%2C670\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-08-09T02:00:06Z\",\"datePublished\":\"2023-08-09T02:00:06Z\",\"dateModified\":\"2024-06-11T14:39:23Z\"}<\/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\/2023\/08\/Bitcoin-Price-BTC-BTCUSDT.jpg?fit=1089%2C670","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546275"}],"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\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546275"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546284"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}