Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

BTC/USD Forex Signal: Bitcoin Breakout to $30k Faces One Hurdle

Bitcoin price jumped as investors placed bets that the coin will sustain its recovery amid the rising regulatory scrutiny in the industry.

Bullish view

  • Buy the BTC/USD pair and set a take-profit at 30,000.
  • Add a stop-loss at 27,500.
  • Timeline: 1-2 days.

Bearish view

  • Set a sell-stop at 27,950 and a take-profit at 26,000.
  • Add a stop-loss at 29,000.

The BTC/USD pair bounced back as buyers targeted the year-to-date high of 28,958. The pair rose to a high of 28,370, which was higher than this week’s low of 26,524. Bitcoin has had a successful March, having risen by ~45% above the lowest level this month.

Regulatory concerns ease

Bitcoin price jumped as investors placed bets that the coin will sustain its recovery amid the rising regulatory scrutiny in the industry. Earlier this week, American regulators announced a major lawsuit against Binance, the biggest exchange in the world.

The lawsuit by the CFTC argued that the company of offering derivatives products to clients in the United States without following the law. In a statement, the company rejected the claims and vowed to defend itself.

Further, in a report, the Financial Times said that Binance had strong ties to China that it hid for many years. The report cited internal communication documents in its possession. Therefore, these claims could intensify further crackdowns on the company as tensions with the US escalates.

Regulators are also scrutinizing other companies, including Coinbase and stablecoin issuers. Therefore, the ongoing price action means that traders believe Bitcoin and other cryptocurrencies will do just fine in the coming months.

Bitcoin’s comeback also coincided with the strong performance of American equities. The Dow Jones and Nasdaq 100 index rose by more than 0.50%. Bitcoin has a close correlation with equities. At the same time, the US dollar index rose by about 20 basis points.

BTC/USD chart analysis

The 4H chart shows that the BTC/USD pair pulled back after falling to a low of 26,586 on Wednesday. It is now approaching the key resistance level at 28,958, the highest point this week. The pair has managed to move above the 25-period and 50-period moving averages while the MACD has moved above the neutral point.

The pair moved above the Woodie pivot point at 28,000. Therefore, the BTC/USD pair will likely have a bullish breakout as buyers target the next psychological level at 30,000. This view will be confirmed if Bitcoin manages to move above the year-to-date high of 28,958. Such a move will invalidate the double-top pattern and signal that there are still buyers in the market.


Crispus Nyaga
About Crispus Nyaga
Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube,, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.

Most Visited Forex Broker Reviews