Bitcoin Bumps Up Against Major Resistance: The Bull, Bear Case With $30,000 On The Horizon

Bitcoin BTC/USD popped about 4% during Wednesday’s 24-hour trading period, attempting to break through a heavy resistance zone near $28,700, which the crypto hit and wicked slightly down from.

The level has been acting as strong resistance since March 20 and Bitcoin has made several attempts to break above the area but has failed.

Bitcoin’s inability to burst above the resistance has caused the crypto to consolidate under the level, which has been taking place on decreasing volume. If the bulls remain strong, traders can watch for increasing volume to come in and break Bitcoin above $28,700, which will likely put the crypto on a path toward $30,000.

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A Look At Bitcoin’s Chart: Bitcoin is trading in a sideways trading pattern above all four major moving averages (the eight-day and 21-day exponential moving averages and the 50-day and 200-day simple moving averages), which is bullish. If the crypto closes near its high-of-day, Bitcoin will print a bullish Marubozu candlestick. This could indicate higher prices and a break through resistance is in the cards.

If Bitcoin continues to reject $28,700, consolidation is likely to continue for at least the short term. Both the bulls and the bears can watch for volume to come in eventually to break the crypto from the sideways pattern, which will determine future direction.

Bitcoin has resistance above at $31,418 and $35,593 and support below at $25,772 and $25,288.