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The foremost cryptocurrency, Bitcoin, is exhibiting encouraging signs as it trades above the significant $30,800 resistance level. With the price exceeding $30,850 and the 100 hourly Simple Moving Average, Bitcoin’s bullish momentum is strengthening.
On the hourly chart for the BTC/USD pair, a notable bullish trend line is emerging, with support located around $30,920, according to data from Kraken. If Bitcoin manages to surpass the $31,400 resistance level, it may witness an acceleration in its upward movement.
After maintaining stability above the $30,500 support threshold, Bitcoin initiated a gradual ascent, breaking through the $30,820 resistance. It also surpassed the $31,000 and $31,400 resistance levels, reaching a peak near $31,373 before entering a consolidation phase. The cryptocurrency is currently trading above the 23.6% Fibonacci retracement level of its recent rise, from the $30,192 swing low to the $31,373 high.
Importantly, Bitcoin is trading above $30,850 and the 100 hourly Simple Moving Average, indicating a bullish sentiment. The bullish trend line and this upward momentum provide additional support around the $30,920 level.
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The immediate resistance is expected to be near $31,350, with the first major obstacle at $31,400. A breakthrough at this level could potentially trigger another strong rally, aiming for the $32,000 level. Additional gains might pave the way for a move toward the $32,500 level, followed by the $33,200 resistance zone.
However, a downward correction could occur if Bitcoin is unable to clear the $31,400 resistance. Immediate support is anticipated near the $31,000 level, while the next significant support is at $30,920 along with the previously mentioned trend line. In the event of a further decline, the 50% Fibonacci retracement level near $30,550 or the 100 hourly SMA could serve as potential support levels.
Examining the technical indicators, the hourly MACD indicates signs of losing momentum within the bullish zone, suggesting a possible consolidation or minor pullback. Conversely, the hourly RSI (Relative Strength Index) is above the 50 mark, reflecting a favorable position for Bitcoin.
In conclusion, Bitcoin’s price is set for a potential upward break as it remains above critical resistance levels. If it successfully navigates past the $31,400 barrier, the cryptocurrency could surge toward $32,000 and possibly beyond. On the other hand, failure to breach the resistance may lead to a corrective move with immediate support at $31,000. Traders and investors are closely monitoring Bitcoin’s next steps as it forges its path in the market.
The post Bitcoin Eyes Upside Break: Will it Surge Above $32,000? appeared first on BitcoinWorld.
