Bitcoin price is moving higher above the $31,000 resistance. BTC could soon rally if there is a close above the $31,400 resistance zone.
- Bitcoin is showing positive signs and trading above the $30,800 resistance zone.
- The price is trading above $30,850 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $30,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher if it clears the $31,400 resistance zone.
Bitcoin Price Grinds Higher
Bitcoin price remained stable and settled above the $30,500 support. BTC started a steady increase and was able to climb above the $30,820 resistance zone.
The price even broke the $31,000 zone and retested the $31,400 resistance zone. A high is formed near $31,373 and the price is now consolidating gains. It is trading above the 23.6% Fib 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. There is also a major bullish trend line forming with support near $30,920 on the hourly chart of the BTC/USD pair.
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