Crypto News

Bitcoin price surges above key resistance, eyes $30k mark

Published by
Nonhlanhla P Dube
  • Bitcoin has managed to remain well-bid above the $27,700 support zone and climbed above the $28,000 resistance zone.
  • The recent bullish momentum can be attributed to the clear move above the $28,200 resistance zone and the 100 hourly Simple Moving Average.
  • If Bitcoin fails to clear the $28,550 resistance, it could start another decline, with immediate support near the $28,250 level.

Bitcoin has shown a steady rise in price over the past few days. It has managed to remain well-bid above the $27,700 support zone, forming a base that allowed it to climb back above the $28,000 resistance zone. The recent bullish momentum can be attributed to the clear move above the $28,200 resistance zone and the 100 hourly Simple Moving Average (SMA).

In addition to this, there was a break above a major bearish trend line with resistance near $28,000 on the hourly chart of the BTC/USD pair. The pair tested the $28,550 resistance zone, forming a high near $28,548. However, the price is now correcting lower, with a move below the 23.6% Fib retracement level of the upward move from the $27,812 swing low to the $28,548 high.

Despite this correction, Bitcoin’s price is currently trading above $28,200 and the 100 hourly SMA. Immediate resistance is near the $28,450 level, with the next major resistance being near the $28,550 zone. A close above this resistance could potentially push the price higher toward the range resistance. The next key resistance is near the $28,800 level, above which the price could rise toward the $29,500 level. Any further gains may call for a test of the $30,000 resistance zone.

However, if Bitcoin’s price fails to clear the $28,550 resistance, it could start another decline. Immediate support on the downside is near the $28,250 level, with the next major support being near the $28,200 zone and the 50% Fib retracement level of the upward move from the $27,812 swing low to the $28,548 high. A downside break and close below the $28,200 support might push the price back toward $27,700. In the stated case, the price may perhaps decline toward the $27,200 support zone.

In conclusion, while Bitcoin has regained traction and managed to climb above key resistance levels, it remains to be seen whether it will continue to rise or face another decline. Investors and traders will need to keep a close eye on the price action and key resistance and support levels to make informed decisions.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube
Tags: Bitcoin

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