Bitcoin Price Crosses $30K For The First Time In 10 Months As $22B Trading Volume Comes In

Bitcoin (BTC) price finally made the much-awaited trip to $30,000, after spending more than 10 months – 305 days to be exact – below this level. This is the second psychological level the big crypto has cleared this year on its upward path after $20,000 was shattered in January. This northward move has been accompanied by an 82% increase in trading volume to $22.9 billion, after BTC rallied 7% in the last 24 hours to trade at $30,111.

Bitcoin and other crypto assets have been locked in a sideways price action with no directional bias over the last couple of weeks. It was widely expeted that the flagship cryptocurrency would lead the recovery ahead of the U.S. Consumer Price Index (CPI) data release on Wednesday.

As this appears to be playing out as expected, the global crypto market is up 5% on the day to $1.2 trillion. Will Bitcoin rise to the next psychological level?

Bitcoin Price Rises Above $30,000 – Where Next BTC?

Bitcoin price finally rose above the $30,000 resistance level during the early Asian trading hours on Aprill 11, levels last seen on May 9, 2022. The flaship crypto was now facing resistance from the $32,000 supply zone.

Overcoing this barrier would see BTC rise to collect the liquidity above it with the next target being the $40,000 psychological level. Such a move would represent a 33% ascent from the current price. Beyond that, the next logical move would be $50,000 or higher, confirming a breakout toward the peak high around $70,000.

BTC/USD Daily Chart

Two critical indicators supported the positive outlook for the proof-of-work (PoW) crypto. The first was the parabiloc SAR, the stop and reverse chart overlay indicator that appears as a series of dots below the price on the daily chart (see above). This indicator flipped from bearish to bullish and moved below the price on April 10.

As long as the parabolic SAR closes below the price, the bullish outlook remains. Note that BTC's uptrend will gain momentum as the parabolic dots rise higher and faster as the distance between them increases.

Secondly, the Moving Average Convergence Divergence (MACD) indicator was moving above the zero line in the positive region. This suggsted that the market sentiment was positive and favoured the upside.

Also note that there was a pending bullish signal from this trend-following indicator. Once the MACD line (blue line) crosses above the signal line (orange), it will indicate that the buyers have taken full control of Bitcoin. This adds credence to BTC's bullish narrative.

Things would, however, go awry for the Bitcoin price if bears decide to book profits at the current levels. If this happens, the price may turn down toward the $28,000 psychological level. Market participants could expect BTC  to spend some time above this level for a few days before making another move in either direction.