Bitcoin held firm above the $29,500 support level against the US dollar. If there is a clear upward movement above the $31,500 resistance, BTC could begin a significant increase. BITCOIN began a new uptrend from the $29,500 support level.

The price is currently trading above the $30,000 level and the 100 hourly SMA. On the hourly timeframe of the BTC/USD pair, a key bearish trend line is forming with resistance near $31,400.

Bitcoin Price Recovers from Losses

Bitcoin’s price remained well above $29,200 and $29,500. A low was formed near $29,200, and the price began to rise again. The price has moved above the $30,000 resistance level.

The buyers successfully pushed the price above the $30,500 level and the 100 hourly simple moving average. It even broke through the $31,000 barrier and tested the $31,500 resistance zone. The price has formed a high near $31,550 and is now consolidating gains.

It has already tested the 23.6 percent Fib retracement level of the rapid uptick from the swing low of $29,200 to the high of $31,550. On the upside, immediate resistance is near the $31,400 level.

On the hourly timeframe of the BTC/USD pair, a key bearish trend line is forming with resistance near $31,400. The first significant resistance is located near $31,500. A clear break above the $31,500 resistance level could propel the price even higher.

The next major barrier could be $32,200. Any further gains could shift the bias, and the bitcoin price could rise to $33,200.

Bitcoin Price Drop?

If bitcoin fails to break through the $31,500 resistance level, it may fall further. On the downside, there is immediate support near $30,850. The next major support is around $30,175. It is close to the 50% Fib retracement level of the recent rise from the $29,200 swing low to the $31,550 high.

A break below the $30,175 support level may trigger another decline. In the aforementioned scenario, the price could fall towards the $29,500 support zone in the near term. Good luck!