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

Crypto Market Hit Hard With $1.7 Billion Liquidated, Largest Event Since 2021

The broader crypto market experienced a major crash on December 9 While the Bitcoin price dropped from $101,109 to as low as $94,150, marking a -7% decline, the altcoin market suffered significantly

Google’s Willow quantum chip brings Bitcoin security debate 10 years closer

Google has unveiled its latest innovation, the Willow quantum computing chip, stirring discussions within the crypto community about its potential impact on Bitcoin’s cryptographic security On

Cultcoin Soars to $845M FDV, Backed by Milady NFT Community

The post Cultcoin Soars to $845M FDV, Backed by Milady NFT Community appeared first on Coinpedia Fintech News The crypto market took a major hit, losing $267 billion and dropping below $349 trillion

Lightchain AI vs. Ethereum and Solana: The Revolutionary Blockchain Poised to Redefine the Crypto Market This December

The post Lightchain AI vs Ethereum and Solana: The Revolutionary Blockchain Poised to Redefine the Crypto Market This December appeared first on Coinpedia Fintech News As the crypto market continues

Brazilian Central Bank May Withdraw Provisions Banning Stablecoin Self-Custody

The Central Bank of Brazil acknowledged that a proposal making self-custody of stablecoins illegal in the country might be withdrawn if certain conditions are met In a public hearing, the deputy head

Bitcoin holds steady near $100,000 as selling pressure is absorbed

Bitcoin’s price action over the past week has been remarkable, marked by its milestone climb past $100,000 While this monumental level was short-lived, with BTC quickly correcting to around