Bitcoin (BTC) Price Surges Above $30K Overnight, Providing Relief For Investors

• The lack of a larger pullback helped alleviate concerns about the $22,000 scenario.
• The $31,500 level may serve as the next significant hurdle.

After a sustained decrease, the price of Bitcoin found support at the $28,500 level. A new uptick began once a new base was established at $28,600. The $29,500 resistance mark and the 100-hourly SMA were both broken. The price even broke through the $30,000 barrier level. However, the price had a difficult challenge in the $30,600 range and is now trading in the $30,300 range.

Bulls Need to Hold Momentum

In other words, Bitcoin (BTC) reached overnight highs on May 20 as the weakening of the U.S. dollar provided much-needed relief to bulls. Although the pair was still unable to turn $30,000 into dependable support, the lack of a larger pullback helped alleviate concerns that last week’s $22,000 collapse event did not signify the bottom.

As a backdrop to Bitcoin’s good performance, DXY (the U.S. dollar index) dropped 2% in a week from two-decade highs. The S&P 500 ended May 19 down 0.58 percent, and the Nasdaq 100 was down even less, suggesting that the stock market had taken some of the pressure off.

A break of the $30,600 resistance levels might signal the beginning of a new upward trend in the near future. The $31,500 level may serve as the next significant hurdle before the price gains more upward momentum.

Failing to break over the $30,600 level, bitcoin might begin a new downward trend. The $30,000 level serves as an instant resistance level on the downside. The 100-hour SMA and the $29,800 level serve as the following significant level of assistance. According to CMC, the Bitcoin price today is $30,322.67 USD with a 24-hour trading volume of $34,621,832,492 USD. Bitcoin is up 4.44% in the last 24 hours.