Bitcoin price has reclaimed the levels above $30,000 in the early trading hours as it found strong support around $29,200. The bulls held the levels strongly and triggered a fine rebound after the price formed an interim low at around $29,120. After a bullish breakout, the BTC price now needs to clear some major resistance levels, which may validate a bullish breakout.
Besides, the BTC price managed to close the previous day’s trade on a bullish note, and moreover, it formed a ‘bullish engulfing pattern’ indicating the growing strength of the bulls. Additionally, this happened above the crucial 20 SMA, which has been acting as a strong base for the BTC price over time.
Therefore, the price is believed to be maintaining a fine upswing and may also test the $31,000 range, as predicted by a popular analyst, Micheal van de Poppe.
Poppe earlier said that if the price successfully tests & clears $29,500, it may lay down a fine upswing beyond $31,000. However, the BTC price is currently trading very close to one of the major support at $30,000, and hence holding at the above said levels appears to be extremely important in case of a bearish action. Meanwhile, in such a case, a drop below these levels may invalidate the bullish scenario, as the bears may have taken over the rally for a while.
Therefore, now that Bitcoin is trading around $30,210, the price needs to clear the $30,500 resistance to invalidate the bearish scenario. However, heading towards $31,000 could be a tedious job as the volume has depleted heavily, where-in there is less interference from the buyers. Hence, until the volumes spike, no massive price action may be expected as the BTC price could continue trading within a consolidated range.
Source: https://coinpedia.org/price-analysis/bitcoin-price-live-today-btc-price-manages-to-recover-30000-can-it-sustain-the-growth/