Title: BTC Price Breaks Past $30K as Market Rallies in the Last 24 Hours

May 31, 2022 03:30AM ET

By: AnalysisWatch

Bitcoin (BTC) posted a 3.77% gain in the last 24 hours, rising above the important $30k mark to $31,633.27, according to CoinMarketCap. The BTC price has also risen in the last seven days, increasing by 7.73% in the last seven days.

The BTC price is nearing its 24-hour high of $31,949.63, while the low is around $30,329.25. However, at the time of writing, the price has weakened against Ethereum (ETH) by about 0.49%. Right now, 1 BTC coin is worth about 16.01 ETH.

On CoinMarketCap's list of the largest cryptocurrency projects by market cap, BTC ranks first with a market cap of $602,741,661,662. The daily trading volume of BTC has increased by 59.81% in the last few days. This brings the total 24-hour trading volume to $38,209,222,459.

A look at the daily chart of BTC/USDT shows that the price of BTC has risen above the 20-EMA line—a line that has acted as resistance for the coin since mid-April. This is also when the 20 EMA crossed below the 50 EMA, which is a bearish flag. According to the chart, the downtrend occurred shortly after the 2 EMAs were crossed.

Also, the RSI line recently crossed high above the RSI SMA line when the BTC price crossed above the $31,000 level. However, it looks like the RSI is now closing the gap between itself and the RSI SMA line.

BTC could fall below $30,000 if the bulls are unable to maintain the current price level between the 20 and 50 EMA, as the two EMA lines still indicate that the bears have the upper hand.