Bitcoin price started a strong upward move from the $29,250 support zone against the US Dollar. BTC must settle above $32,000 and $32,500 for more upsides in the near term.
- Bitcoin started a strong increase above the $30,000 and $31,000 resistance levels.
- The price is now trading well above $31,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct gains, but the bulls are likely to remain active near $31,200.
Bitcoin Price Surges above $32,000
Bitcoin price found a strong buying interest below the $30,000 level. BTC formed a support base near the $29,300 and it started a major recovery wave.
The price surged above the $30,000 and $30,500 resistance levels. There was a clear break above the 61.8% Fib retracement level of the recent downward move from the $31,900 swing high to $29,312 low. There was also a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair.The pair jumped above the $31,500 level and the 100 hourly simple moving average. Finally, there was a break above the $32,000 resistance zone.
It tested the $32,500 resistance zone. It seems like the bears were active near the 1.236 Fib extension level of the recent downward move from the $31,900 swing high to $29,312 low. Bitcoin price is now consolidating above the $31,500 level.
Source:The first major resistance is near the $32,500 level. If there is a close above the $32,500 resistance zone, the price is likely to accelerate higher. In the stated case, the price is likely to move towards the $33,500 level in the near term.