BTC/USD Price Analysis for Today: 30-05-2024
The price has been trading within a steady ascending parallel channel since the start of the month and has regained higher levels to some extent.
The bearish pullback that followed after hitting the interim highs above $71,000, appears to have halted with the recent rebound.
Therefore, the price is believed to maintain an ascending trend and reach the upper resistance of the parallel channel.
However, reaching the average levels of the channel may be a tedious job which collides with a key resistance. Hence, a rise beyond these levels may pave the way to reach a new ATH.
Now that the monthly close is on the horizon, a small rise in the volatility may be expected but the impact on the Bitcoin (BTC) price may be limited.
As the traders do not appear to be sure of the upcoming trend, the volume remains below the required levels. Hence, a bullish close for the month may trigger a fine rally until the H1 close.
The bearish pullback that followed after hitting the interim highs above $71,000, appears to have halted with the recent rebound.
Therefore, the price is believed to maintain an ascending trend and reach the upper resistance of the parallel channel.
However, reaching the average levels of the channel may be a tedious job which collides with a key resistance. Hence, a rise beyond these levels may pave the way to reach a new ATH.
Now that the monthly close is on the horizon, a small rise in the volatility may be expected but the impact on the Bitcoin (BTC) price may be limited.
As the traders do not appear to be sure of the upcoming trend, the volume remains below the required levels. Hence, a bullish close for the month may trigger a fine rally until the H1 close.
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