Bitcoin price is gaining pace above the $30,000 resistance. BTC is showing positive signs and might rally further above toward the $31,200 level.
- Bitcoin started a fresh increase above the $28,500 and $28,800 resistance levels.
- The price is trading above $30,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise toward the $31,200 resistance level.
Bitcoin Price Regains Strength
Bitcoin price formed a support base above the $27,500 level. BTC started a steady increase and cleared a few hurdles near the $28,500 resistance zone.
The bulls gained strength and managed to push the price above the main $30,000 resistance zone. A new multi-week high is formed near $30,600 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $29,715 swing low to the $30,600 high.Bitcoin is now trading above $30,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,000 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $29,715 swing low to the $30,600 high.
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