TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial

Share This Post

Bitcoin dived towards the $25,000 support zone against the US Dollar. BTC is now recovering and might eye an upside break above the key $30,000 resistance zone.

  • Bitcoin found support above $25,000 and started an upside correction.
  • The price is still trading below $30,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $30,000 barrier to move into a positive zone and started a real recovery.

Bitcoin Price Starts Recovery

Bitcoin price remained in a bearish zone below the $30,000 support zone. BTC extended its decline and traded below the $28,000 level.

There was a spike below the $26,000 level and the price traded to a new multi-month low at $25,332. A base was formed above $25,000 and the price started a fresh upward move. There was a clear move above the $26,500 and $27,500 resistance levels.

The price climbed above the 50% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low. However, it is still trading below $30,000 and the 100 hourly simple moving average.

There is also a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,500 zone and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the recent decline from the $32,130 swing high to $25,332 low.

Source: BTCUSD on TradingView.com

A clear move above the $30,000 and $30,500 resistance levels might start a fresh increase in the coming sessions. The next key resistance could be near the $31,500 level, above which the price might rise above $32,000.

Fresh Decline in BTC?

If bitcoin fails to clear the $30,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,800 level.

The next major support is seen near the $27,650 level. A downside break and close below the $27,650 support might accelerate losses. The next major support could be $26,200, below which the bears might aim a move towards the $25,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $28,200, followed by $27,650.

Major Resistance Levels – $30,000, $30,500 and $31,500.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Defies Crypto Market Crash: Analyst Says It Looks ‘Incredible’

The crypto market has seen the largest leverage flush out since April 2021 yesterday, December 9, as reported earlier today Amidst the market shakeout, Dogecoin (DOGE) is one of the altcoins which is

Bitcoin poised for ‘golden age’ in 2025 with $200k milestone projection – Bitwise

The crypto market is poised for a transformative year in 2025, with Bitcoin (BTC) projected to break $200,000, according to a recent Bitwise report The report — titled The Year Ahead: 10 Crypto

New Investors Driving Bitcoin Demand – Metrics Reveal Institutional Adoption

Since breaking it last week, Bitcoin is grappling with the $100,000 milestone, struggling to stay above this critical level Despite the price facing resistance, Bitcoin continues to show strength,

Binance Ranks as the Most Visited Crypto Site and 6th in Financial Services: Cloudflare Report

According to Cloudflare’s 2024 web traffic report, Binance is the most visited cryptocurrency platform Binance Attracted the Most Web Visits in Crypto for 2024 Binance solidified its position

Microsoft Shareholders Reject Bitcoin Investment Proposal In Preliminary Vote

Microsoft, the world’s largest software company, has rejected the proposal to evaluate the potential benefits of adding Bitcoin (BTC) to its corporate balance sheet, despite meetings and

Goldman Sachs eyeing crypto market-making for Bitcoin, Ethereum if US regulations shift

 Goldman Sachs CEO David Solomon said the firm might explore becoming a spot market maker spot market for Bitcoin (BTC) and Ethereum (ETH) if the regulatory environment in the US undergoes