Bitcoin tore the important support in the range of $ 30,000 on Tuesday night. The chart-technical GAU could be averted by a rapid stabilization and the current rebound. However, this does not mean that the digital reserve currency is finally off the hook.
After falling below the psychologically and technically important mark, Bitcoin turned twice on Tuesday, almost exactly at $ 29,500, and then stabilized in the area of $ 29,700. With a strong move upwards, he regained the 30,000 mark on Wednesday morning and is currently hovering around $ 30,800. This corresponds to a price increase of almost four percent on a 24-hour basis.
The risk that the price will finally fall out of the medium-term trading range and break through in the direction of the breakout level in the area of $ 20,000 has been averted for the time being. This is undoubtedly good news, but the situation remains critical in the short term.
Relaxation would rebound towards resistance in the $ 35,000 area. The chart image would only brighten noticeably if it jumped above the upper limit of the sideways trend above 40,000 dollars. In the short term, however, there seems to be a lack of momentum for this.
Against this background, a stabilization and a continuation of the latest sideways trend would be good news. Long-term oriented investors are not impressed by the short-term price capers and stick with them.