Bitcoin bulls can still take back $30,000, data hints.
Caleb Franzen, senior market analyst at Cubic Analytics, had his sights on slightly lower numbers, pointing to a potential support retest area on CME Group Bitcoin futures markets.
At around $27,000, this was a “gap” in the futures market left over from mid-2022, which the spot price only managed to “fill” in recent weeks. “CME futures still haven’t retested this important support & resistance zone, but got very close this morning,” he“I think bulls should be happy to get an opportunity to reload in this range, if/when we get there. No need for panic/concern yet.”Bitcoin bulls running out of time?
Looking to upside potential, monitoring resource Material Indicators suggested that there was solid potential for a fiery reclaim of $30,000 and beyond if bulls were able to regain control.Everything hinged on $29,500, it argued on the day — exactly the focus level for BTC/USD at the time of writing.alongside a print of buy and sell liquidity on the Binance order book.
“If bulls can reclaim $29.5k before ask liquidity returns, there is very little friction between here and the mid $30s.”
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