Bitcoin price is moving higher above the $30,500 resistance. BTC is showing positive signs and might aim for a new high above the $31,400 level.
Bitcoin is trimming all its losses and trading above the $30,500 resistance zone.
The price is trading above $30,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $31,000 resistance zone.
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Bitcoin price remains steady as bulls target to surpass $32K. Bitcoin Price Regains Strength
The price of Bitcoin experienced a significant drop below its $30,500 support level and even went below $29,500 before the bulls stepped in. However, the price has since risen and a new low of around $29,375 has been formed. Currently, Bitcoin is trading above $30,500 and the 100 hourly Simple Moving Average. The price has broken above the $30,200 resistance level, and there is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $30,820 level, which is close to the 76.4% Fib retracement level of the downward move from the $31,276 swing high to the $29,375 low. The first major resistance is near the $31,000 level, above which the price could gain bullish momentum. Bitcoin price remains steady as bulls target to surpass $32K.
BTC is currently facing a significant resistance level at $31,250. If it manages to break above this level, it may move towards $32,000. Further gains could lead to a move towards the resistance zone at $32,500.
Fresh Decline in BTC?
Bitcoin's price is facing resistance at the $30,820 level, which may lead to a potential decline. The immediate support level is at $30,550, along with the trend line. If the price drops below the $30,200 level, it could potentially reach the $29,950 support level. Further losses may result in a drop towards the $29,550 zone in the near future.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $30,500, followed by $30,200.
Major Resistance Levels – $30,820, $31,000, and $31,250.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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