New Data Shows Why Bitcoin Price Action Spent Two Months At $ 30,000

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Bitcoin (BTC) has seen nearly two months of price swings after hitting $ 30,000 and new data shows why.

In a series of tweets on Thursday, famous Twitter commentator Nunya Bizniz made several arguments supporting the importance of $ 30,000 for BTC / USD.

All roads lead to $ 30,000?

Despite rising fundamentals and ongoing adoption stories, BTC price action has failed to reestablish an uptrend.

Still 50% below recent all-time highs, Bitcoin is directionless, leading opinions to favor a bearish result from what has been eight weeks of sideways movement.

For Nunyaz Bizniz, there are a number of technical factors that converge to support $ 30,000 as a focal level.

These include $ 30,000, which is roughly the 1.618 Fibonacci extension level on the monthly chart from the lows of $ 3,100 at the end of 2018, as well as the annual open price of 2021.

Its psychological importance is compounded by the fact that it is a round number and, as others have noted, it fits into a longer term trendline, which places $ 64,500 as a kind of mini-race to a blown top.

This is approximately the 1.618 Fib Ext. Which in the previous two cycles was tested as support but never closed below the monthly chart, accompanying the comments read on the Fibonacci phenomenon.

This time ? Comparison of BTC / USD chart with Fibonacci extensions. Source: Nunya Bizniz / TwitterResearch defends the Bitcoin supercycle

The importance for Bitcoin of not falling below $ 30,000 and recovering it exacerbates existing anxiety about a full BTC price breakdown.

Related: Bitcoin Metric Sees A ‘Hellish Bounce’ On The Move That Historically Heralds Lowest BTC Price

Amid the unease, some voices are warning that it is only a desire to interpret events to push its own narrative, bullish or bearish, that is at stake.

Bitcoin itself, meanwhile, is not as low as the price suggests, as fundamentals confirm.

Regardless of your risk appetite, strategizing now is essential, so you don’t miss the next wave of this current Bitcoin supercycle, Stack Funds concluded in its latest report released Thursday.

1-day candle chart BTC / USD (Bitstamp). Source: TradingView

Nunya Bizniz, meanwhile, included Tesla’s BTC reserve as a potential sticking point. Below $ 30,000, the user calculated, the business would start to be under water, which could trigger demands from management to sell more to reduce losses.

As Cointelegraph reported, investors are already back in the accumulation phase around $ 30,000.

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