The bitcoin org market is currently showing signs of forming a possible double top, with the daily RSI indicator displaying a falling divergence.

Despite this, bulls are feeling rejuvenated to push beyond $30k after consolidating around $28k for the past three weeks. Whales have also continued to accumulate more coins amidst the volatility. However, regulatory scrutiny in the United States has weighed heavily on investors, and a pull-down towards $25k or below cannot be entirely invalidated.

BTC Price Rally on Horizon

According to the crypto trader and analyst Michaël van de Poppe, Bitcoin price has been re-testing at a support level of around $27,600. In this regard, Poppe is confident that Bitcoin will break out to $30k if the asset tests recent highs of around $28.6k again. Poppe further highlighted that the worst in the crypto market is behind us, including the FTX saga.