12-Hour Analysis:
Big Picture: Bitcoin had one of the most volatile sessions in 2023. Initially, bulls led the rally, but as the 30k psychological level was reached, there was intense intra-day selling that wiped out all session gains and brought the index down by 4% from the session’s opening. However, the session ended with a long-legged Doji, signifying considerable indecision. This volatility and volatile price action could continue for a few more sessions.
On the Upside previously, a massive round of short-coverings brought Bitcoin all the way to $30,000. Because the rise was driven by short-coverings, plenty of liquidity was left behind, resulting in an equally powerful sell-off. The session’s initial intraday resistance stands around 29,075 level. Breaking this would open up room for the 29,400 level, followed by the 29,800 to 30,000 region.
On the Downside the earlier achieved levels did not transition into support levels, allowing for a significant intra-day plunge. However, early support for the session is expected to be evident near the 28,800 level. This will be a significant support level for the day since breaking it would give selling an intra-day advantage over buyers, exposing them to the 28,350 to 28,075 levels. If selling pressure overwhelms below these supports, it exposes the lower supports level at 27,800 and 27,200.
