Over the past few days, BTC has been caught up in the throes of immense volatility that has led the entire crypto market on a wild ride. The coin faced heightened selling pressure on Tuesday, resulting in an accelerated decline that drove prices as low as $30,312.
The bulls managed to halt any further decline into the upper-$20K region, marking $30K as a local low for the benchmark cryptocurrency.
BTCUSD Chart by TradingView
For bitcoin to continue its uptrend and trade in a positive zone, bulls must now clear the hurdle at $34,800 and then break the major resistance at $35,000.
BTC Price Could Soon Soar To $50K
Many traders are now convinced that the bitcoin shakeout is done after the flush on Monday to $30,000. Funding rates on leading crypto futures platforms have also reset, with another £1 billion in positions liquidated over the past 24 hours.
Where the world’s leading digital asset trends in the near term now fully depends on whether the recent dip to $30K is a local low. Analyst CryptoNekoZ supports the theory that BTC has found a local bottom for now and has established a strong support base in the lower-$30K region.
According to another analyst, BTC will remain range-bound for a short while before rocketing toward $50K.
“My BTC short-term view after long deliberation and some flip-flopping is range-bound in 30K-40K until the curve and vols come off a further. Then, 50K,” the analyst tweeted.
ETH Bulls Reclaim Key Support
Since peaking at $1,350 last week, the ETHUSD pair has undergone a sharp correction that took it as low as $950 on Monday before rebounding.
Analyst Michael Van De Poppe shared his outlook on the ETH price in a recent tweet, explaining that altcoin impressed investors by managing to remain above the $900 support level during its latest retracement.
ETH bulls have now reclaimed the $1,050 support level and even pushed the price to highs of $1,130 in yesterday’s sessions. At press time, the second-largest cryptocurrency is down just over 1% to trade at $1,078.
ETHUSD Chart By TradingView