Prominent Twitter user and cryptocurrency analyst Ali has been carefully tracking the Bitcoin BTC -0.01% (BTC) chain and has spotted a significant area of resistance.
By analyzing the data on the chain, Ali found that there are about 1.72 million bitcoins whose prices fluctuate in the range of US$29,500 to US$30,200 recently.
As the analyst pointed out, this resistance zone holds great significance in the prediction of Bitcoin’s price trajectory.
A comprehensive analysis of Bitcoin’s daily chart reveals a potential buy signal, as shown by the TD Sequential indicator, which is widely used to identify changes in the market’s price direction.
A bullish pattern could be triggered if Bitcoin closes above $30,000 on a daily basis. This bullish behavior could push the price of Bitcoin towards the $30,400 to $30,600 range, implying a rise in investor expectations.
However, the analyst emphasized caution in his forecast. The key level of $29,500 is crucial for Bitcoin’s momentum and requires investors to remain vigilant.
Any apparent signs of vulnerability or support dips at this level could invalidate an anticipated buy signal, emphasizing the importance of prudent investing around this volatile price point.
