Bitcoin Price Analysis: BTC Avoids NASDAQ Slump but Remains at Sub-$30,000

Key Insights:

• On Tuesday, bitcoin (BTC) rose by 1.91% to end the day at $29,630, with resistance at $30,000 limiting the upside.
• The bullish session came despite growth fears leaving the NASDAQ 100 down by 2.35%.
• Bitcoin (BTC) technical indicators flash red, with bitcoin sitting below the 50-day EMA.

Bitcoin (BTC) rose by 1.91% on Tuesday. The upside came despite growth fears weighing on the NASDAQ 100 and other riskier assets. Partially reversing a 3.93% slide from Monday, bitcoin ended the day at $29,630.

After a range-bound morning, bitcoin slid to an early afternoon intraday low of $28,630.

Steering clear of the First Major Support Level at $28,413, bitcoin struck a day high of $29,800 before easing back.

On Tuesday, risk aversion left the NASDAQ 100 down by 2.35%. Bitcoin decoupled from the NASDAQ for a second consecutive day.

The Bitcoin Fear & Greed Index Continues to Avoid Sub-10/100

This morning, the Fear & Greed Index slipped from 12/100 to 11/100. The decline came despite bitcoin recovering from an early afternoon sell-off.

While avoiding a return to last week’s low of 8/100, failure to breakout from its current ranges could spell trouble for bitcoin.

Alongside growth fears, bitcoin and the broader crypto market face the prospects of a shift in the regulatory landscape. There’s also the fallout from the collapse of TerraUSD (UST) and Terra LUNA.

Investigations into the events that led to the de-pegging of UST from the dollar could reveal fraudulent activity, which would impact the market.

As lawmakers investigate the collapse, central bankers have taken the opportunity to crypto-bash. ECB President Lagarde and BoE Governor Bailey both talked of cryptos being worthless. For now, however, investors have taken little notice to the anti-crypto chatter.

Bitcoin (BTC) Price Action

At the time of writing, BTC was down by 0.17% to $29,578.

Technical Indicators

BTC will need to avoid the $29,354 pivot to target the First Major Resistance Level at $30,077.

BTC would need the broader crypto market to support a breakout from Tuesday’s high of $29,800.

An extended rally would test the Second Major Resistance Level at $30,524 and resistance at $31,000. The Third Major Resistance Level sits at $31,693.

A fall through the pivot would test the First Major Support Level at $28,907. Barring an extended sell-off, BTC should steer clear of sub-$28,000 levels. The Second Major Support Level at $28,183 should limit the downside.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. This morning, BTC sits below the 50-day EMA at $29,829. The 50-day pulled back from the 100-day EMA. The 100-day EMA fell back from the 200-day EMA, BTC negative.

A move through the 50-day EMA to $30,000 would support a run at $31,000.