Bitcoin price is moving higher above the $30,500 level. BTC is showing signs of a fresh move toward the $31,000 resistance zone.
- Bitcoin is slowly moving higher above the $30,500 support zone.
- The price is trading above $30,400 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further toward the $31,000 resistance and then $31,400.
Bitcoin Price Holds Ground
Bitcoin price remained stable above the $30,000 support zone. A base was formed and BTC started a decent increase above the $30,200 level.
The price was able to spike a couple of times above the 50% Fib retracement level of the downward move from the $31,020 high to the $30,215 low. However, the bears seem to be active near the $30,700 resistance zone. There is also a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading above $30,400 and the 100 hourly Simple moving average. Immediate resistance on the upside is seen near the $30,720 level. It is close to the 61.8% Fib retracement level of the downward move from the $31,020 high to the $30,215 low.
