Bitcoin price climbed above the $29,500 resistance. BTC spiked above $30,000 and is currently consolidating gains above a connecting trend line.
- Bitcoin is showing positive signs above the $29,500 pivot level.
- The price is trading above $29,550 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt another increase above the $30,000 resistance zone.
Bitcoin Price Attempts Upside Break
Bitcoin price remained well-bid above the $28,800 support zone. BTC formed a support base and recently started a steady increase. There was a clear move above the key $29,500 resistance zone.
The bulls even pumped the price above the $30,000 resistance zone. However, the bulls failed to keep the price above $30,000. A high was formed near $30,190 and the price started a downside correction. There was a move below the $30,000 level.Bitcoin dipped below the 23.6% Fib retracement level of the upward move from the $28,629 swing low to the $30,190 high. It is now trading above $29,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,800 on the hourly chart of the BTC/USD pair.
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