Bitcoin’s (BTC) recent momentum appears to have paused below $30,000 after the asset capitalized on trouble in the traditional finance sector, especially the fallout from the banking crisis. Analysts maintain that breaching the $30,000 resistance level will likely be monumental for the maiden cryptocurrency based on historical price movement.
In particular, crypto analyst Matthew Hyland observed in a tweet on April 2 that $30,000 has acted as Bitcoin’s significant resistance and support level for the last two years. Therefore, the analyst projected that if Bitcoin managed to flip the position, it could potentially mean a “whole new ballgame.”
At the same time, Hyland noted that the NASDAQ and S&P 500 indices had shown impressive strength, closing the week positively. Despite this, he pointed out that there is still a sense of major pessimism and disbelief in the market, with many investors wary of the current economic climate.
Similarly, a Bitcoin analyst by the Twitter pseudonym Stockmoney Lizards called for patience in the crypto market, noting that the asset faces resistance at $30,000. He also suggested that if the resistance is breached, Bitcoin will likely skyrocket.
Bitcoin’s momentum stalls
Indeed, Bitcoin’s rally has stalled in the wake of renewed regulatory concerns in the crypto market. The latest incident saw the United States Commodity Futures Trading Commission (CFTC) suing Binance for allegedly breaking trading and derivatives rules.
Following the scrutiny, Binance pointed out that it does not agree with the characterization of many of the issues alleged in the complaint.
Meanwhile, Bitcoin’s price trajectory in 2023 has elevated the asset to emerge as the best-performing asset class. The crypto gained approximately 70%, beating traditional finance products such as gold and the Nasdaq 100 index.
