Bitcoin price is holding the key $30,000 support zone. BTC must settle above $31,000 and $31,400 to start a fresh increase in the near term.
- Bitcoin is showing a few positive signs above the $30,000 support zone.
- The price is trading above $30,200 and the 100 hourly Simple moving average.
- There is a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above $31,200.
Bitcoin Price Is Stable Above $30K
Bitcoin price started a fresh decline below the $30,500 support zone. However, the bulls were again active above the $30,000 support zone. BTC remained in a range and made another attempt to clear $31,000 but failed.
The recent low was formed near $30,214 and the price is now moving higher. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low. There is also a short-term bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading above $30,200 and the 100 hourly Simple moving average. The bulls are now facing resistance near the $30,600 level.
The next resistance is near the $30,700 zone. It is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, above which the price might retest $31,000. To start a steady increase, the price must settle above $31,000.
