Cryptocurrency investors were on the edge of their seats this past weekend as the bitcoin (BTC) price dipped 3%, coming dangerously close to breaking key levels of resistance and support. The largest digital asset by market capitalisation has seen increasingly choppy trading, resulting in a trading range remaining within the $25,000-$30,000 corridor for several weeks. In terms of intraday support, crypto trader Crypto Tony noted that the current bitcoin price was in limbo and had yet to decide whether it was breaking through the resistance or entering a bearish breakdown.

Technical analysis reinforces these sentiments. Data from Cointelegraph Markets Pro and TradingView indicate that if the bulls can break through the $30,000 level, a move towards the high $32,000s could be on the horizon. However, should it fail to breach, there are potential bearish targets at $24,000 and $28,000.

Other areas of interest include the weekly chart, which trader and investor CryptoAce stated contains a heavy resistance block between $29.7k and $31.5k. Should the bulls hit these levels, another analyst Gert van Lagen suggested that this could indicate the formation of an inverse head and shoulders pattern, which could lead to bitcoin reaching $63k in the long-term.

The cryptocurrency market remains as volatile as ever, and when combined with an influx of unstablecoins, investors need to be extra mindful of their trading strategies. Unstablecoins such as US tether (USDT), USDC, and DAI have all had an impact on markets due to their lack of centralised governance, potentially leading to fear of bank runs and other threats.

To ensure a safe investment journey, investors should always be cautious with their strategy, staying aware of ever-changing markets and the potential risks associated with the space. As is always the case when dealing with investments, risk management should be a priority, even as potential gains remain on the table.



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