Bitcoin: Will recent gains pave the way to $30k?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin has a bullish lower timeframe structure, but key resistances remain strong overhead.
The price action outlined a key support region near $26.5k that is crucial for the buyers to defend.

Bitcoin [BTC] posted gains of 8.5% on 29 August and reached $28.1k, but has been pushed back a bit since then. On that day, the market received news that the U.S. Court of Appeals sided with Grayscale in a lawsuit against the Securities and Exchange Commission.

Read Bitcoin’s [BTC] Price Prediction 2023-24

This was good news for investors and can help push institutional adoption in the long term. For the coming weeks, the charts showed that there was significant resistance at the $28.5k and $30k levels.

The recent rejection from $28k could see BTC form a higher low and move upward

Source: BTC/USDT on TradingView

The bounce on 29 August occurred from a bullish order block from 14 June, highlighted in cyan. Before that, the price was stuck in limbo at the $26k level, which underlined bearish exhaustion.

In the 1-day timeframe, the market structure remained bearish. While it has managed to breach the $26.6k mark, the more significant lower highs at $29.8k and $30.2k remained unbeaten.

Hence, it was likely that sellers were lined up at that region, and bulls could have a hard time driving prices above it.

Bitcoin appeared to have formed a range between $24.8k to $31.8k. The mid-range mark at $28.4k was also a level that could oppose further gains. The RSI was at 47 and showed the momentum has not shifted wholly bullish. The OBV did not see a notable uptick due to the reduced trading volume in recent weeks.

The lower timeframe market structure shift was positive for BTC bu

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Author: Akashnath S

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