Bitcoin price is forming a crucial trend that could lead to a rapid rally.
Bitcoin price is currently rising above the $31,000 resistance level. If it manages to close above the $31,400 resistance zone, BTC could experience a rally soon.
- Bitcoin is showing positive signs and is trading above the $30,800 resistance zone.
- The price is also trading above $30,850 and the 100 hourly Simple Moving Average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a major bullish trend line forming with support near $30,920.
- If the pair clears the $31,400 resistance zone, it could accelerate higher.
Bitcoin Price Grinds Higher
Bitcoin price has remained stable and settled above the $30,500 support. It has started a steady increase and successfully climbed above the $30,820 resistance zone.
The price has even broken the $31,000 zone and retested the $31,400 resistance zone. A high has been formed near $31,373 and the price is currently consolidating its gains. It is trading above the 23.6% Fibonacci retracement level of the recent increase from the $30,192 swing low to the $31,373 high.
Bitcoin is now trading above $30,850 and the 100 hourly Simple Moving Average. Additionally, there is a major bullish trend line forming with support near $30,920 on the hourly chart of the BTC/USD pair.
- Nasdaq submits revised Bitcoin ETF application for BlackRock to SEC.
- BlackRock’s Bitcoin ETF filing lists Coinbase as a partner for surveillance sharing.
- BlackRock refiles Bitcoin ETF application with Coinbase as surveillance-sharing partner.
Source: BTCUSD on TradingView.com
The immediate resistance is near the $31,350 level. The first major resistance is near the $31,400 level, and if it is surpassed, the price might experience another strong increase. The next major resistance is near the $32,000 level. Breaking above the $32,000 resistance could push BTC towards $32,500. Further gains may lead to a move towards the $33,200 resistance zone.
Are Dips Limited in BTC?
If Bitcoin’s price fails to clear the $31,400 resistance, it could initiate a downside correction. The immediate support on the downside is near the $31,000 level.
The next major support is near the $30,920 level and the trend line. If the price falls below this level, it could drop towards the 50% Fibonacci retracement level of the recent increase, from the $30,192 swing low to the $31,373 high. Further losses might lead the price towards the $30,550 zone or the 100 hourly SMA in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $31,000, followed by $30,920.
Major Resistance Levels – $31,350, $31,400, and $32,000.