Bitcoin surpasses $30,400, Polygon, BNB climb by 9%

On Wednesday, the cryptocurrency market was trading higher, with Bitcoin (BTC) climbing 1.23% to $30,476, and Ethereum trading above the $1,850 mark.

Meanwhile, BTC volume in the last 24 hours was around $14.59 billion, representing a 66.55% increase in the previous 24 hours.

Bitcoin remains above $30,000, with a short surge to $31,000 earlier today followed by a quick drop. BTC will very certainly try to retake the level. Before a prolonged rise is feasible, critical resistance at $32,400 must be breached.

The 20-day exponential moving average ($1,871) is currently providing resistance, while the bulls are seeking to defend the 50-day simple moving average ($1,841). This conflict between buyers and sellers implies a lack of market momentum.

On Monday, other popular crypto coins were also trading higher. BNB, Polygon, Solana, and Litecoin all increased by up to 9%. The worldwide cryptocurrency market capitalization was trading at roughly $1.19 trillion, up 1.45% in the last 24 hours.

The entire volume in DeFi is currently 2.14 billion, accounting for 6.62% of the overall 24-hour volume on the crypto market. The overall volume of all stablecoins is now $30.02 billion, accounting for 93.04% of the total 24-hour volume of the crypto market.

Bitcoin, the world’s largest cryptocurrency, has a market valuation of roughly $593 billion. According to CoinMarketCap, Bitcoin’s dominance is at 49.88%, a 0.11% decline from the previous day.

When the 4-hour time frame is examined, it is evident that Bitcoin is experiencing severe resistance near the $30,500 level, which is reinforced by the double top pattern and the 50-day exponential moving average.

In contrast, the $30,000 level provides strong support and is backed by a well-defined trend line. This trend line is predicted to withstand bearish momentum and prevent a significant drop.