Bitcoin Crosses Above $31,500 – What to Expect Next
Bitcoin has begun a new upward trend, surpassing $31,000 against the US dollar. BTC is showing signs of life and could continue to rise if
Bitcoin has begun a new upward trend, surpassing $31,000 against the US dollar. BTC is showing signs of life and could continue to rise if it breaks $31,600. BITCOIN is breaking through the $30,500 and $31,600 resistance levels.
The price is currently trading above the $31,700 level as well as the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a break above a major bearish trend line with resistance near $32,600. If the pair breaks through the $31,500 resistance level, it could rise even further.
Bitcoin Price Continues to Rise
Bitcoin has formed a new base above the critical $30,500 support level. It remained well bid and began a new rise above the $31,200 resistance level.
The price broke through the 50% Fib retracement level of the decline from the $30,188 swing high to the $27,505 low. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a major bearish trend line with resistance near $30,200.
The pair is currently trading above $31,600 and the 100 hourly simple moving average. Bitcoin is also trading above the 76.4 percent Fib retracement level of the decline from the swing high of $30,188 to the low of $27,505.
On the upside, immediate resistance is near the $32,559 level and a clear move above the $32,600 resistance level may signal a change in trend. In this scenario, the price could even break through the $33,300 resistance. The next major barrier is located near $34,700.
Bitcoin Price Drop?
If Bitcoin fails to break through the $32,600 resistance level, it may begin a downward trend. On the downside, there is immediate support near the $30,000 level.
The first major support is around $29,600. The primary support is now forming near $29,300 and the 100 hourly simple moving average. A break below the $29,200 support level could send the price even lower. In this case, the price may return to the $28,500 support zone in the near term. Good luck!
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