Bitcoin: Why a move to $30k is more plausible than a fall below $29k

Bitcoin: Why a move to $30k is more plausible than a fall below $29k

October 21, 2023

By Victor Olanrewaju

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For Bitcoin to beat the resistance around $30,000, the volume around the previous buying pressure needs to be higher.

BTC accumulation is increasing and could be followed by a rise in volatility.

After blasting past $29,000, optimism in the market has started to rise again, with many opining that Bitcoin’s [BTC] journey to $30,000 was a question of when not if. However, according to IntoTheBlock’s data, it may not be an easy ride to the said price. This is because of a potential resistance around the $30,000 mark.

Bitcoin is in a critical position

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 accumulated in the region.

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’s Microstrategy, and Elon Musk’s Tesla purchased high volumes of BTC around these prices.