Key Points:
- Bitcoin price corrects below $30,500 support and spiked below $30,000 support zone.
- Price is slowly moving higher and faces resistance near $30,500 and 100 hourly SMA.
- Next major resistance near $32,000 level with potential for gains toward $32,500 and $33,200 resistance zones.
Bitcoin price experienced a downside correction below the $30,500 support level.
The correction caused BTC to even spike below the $30,000 support zone, which is a significant psychological level for traders and investors alike. However, the downsides were limited, and a low was eventually formed near $29,914.
Currently, Bitcoin price is slowly moving higher and has traded above the 23.6% Fib retracement level of the recent downside correction from the $31,435 swing high to the $29,914 low. As of now, the price is trading above the $30,250 level.
Despite the recent upward trend, Bitcoin price appears to be facing resistance near $30,500 and the 100 hourly Simple moving average. In addition, there is a key bearish trend line forming with resistance near $30,500 on the hourly chart of the BTC/USD pair. However, if the bulls manage to push the price above this trend line, they might attempt a fresh increase in the coming sessions.
If the price manages to break through the $30,500 resistance, the first major resistance is near the $30,850 level. This level is close to the 61.8% Fib retracement level of the recent downside correction from the $31,435 swing high to the $29,914 low. If Bitcoin price manages to break through this resistance, it might revisit the $31,400 resistance zone.
The next major resistance is near the $32,000 level. A close above this resistance might send BTC toward $32,500. If the price continues to climb, it could eventually reach the $33,200 resistance zone. However, it is worth noting that the price of Bitcoin is highly volatile and subject to rapid fluctuations, so investors should exercise caution when making investment decisions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Coincu News
Source: https://coincu.com/198048-bitcoin-price-surges-reaches-key-sma/