Bitcoin [BTC] breaks out, crosses $30k: Are more gains likely?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Following a strong US jobs report, Bitcoin [BTC] finally broke above its range and retested the $30k price zone. BTC has been trading within the $26.8k – $28.8k range, setting the altcoin market into varying price consolidation and short pullbacks. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

Despite being a holiday, the US Labor Department issued the jobs report on 7 April. According to the report , nonfarm payrolls increased by 236,000 jobs in March, marginally below the estimated 240k. 

The unemployment rate remained steady at 3.5% while labor force participation increased to pre-pandemic levels. In addition, the hourly earnings rose 0.3% more than in February as annual gain cooled to 4.2%, slightly below February’s 4.6% – showing a strong labor market. 

Source: BTC/USDT on TradingView

After a strong upswing induced by the US banking crisis around 13 March, BTC has been consolidating narrowly around $28k. At press time, BTC broke above the range and zoomed into the $29.5k – 31.4k range, appreciating by over 6% in the past 24 hours. 

BTC could attempt to retest the $31.4k resistance level if the bullish sentiment remains. The next likely range target is $31.4k – 32.6k. A close above $32k could face negligible resistance, as the drop in May 2022 didn’t face any obstacles. 

But the first sign of weakness will be a break below $28.5k. A stronger weakening could occur if BTC falls below the 20 EMA (exponential moving average) of $27.97k and the previous range lower boundary of $26.8k. 

Meanwhile, the RSI retreated but was back into the overbought level – buying