By Nathan Ferguson
Bitcoin started new upswings from the support floor at $28.5K. The crypto needs to overcome $30.6K to further move into an optimistic zone.
- BTC created a base beyond $28.5K and kick-started upsurges.
- For now, the token trades beyond $30K and 100hr SMA.
- Bitcoin 1hr chart shows a massive bearish line developing with $30.4K as resistance.
- Surging past $30.6K might see Bitcoin gaining bullish momentum.
Bitcoin Faces Resistance
Bitcoin secured dependable support at $28.5K amid steady plummets. For that reason, the bellwether crypto formed a base around $28.6K and launched new increases. BTC recorded a clear move beyond the resistance barrier at $29.5K and 100 hourly SMA. Bulls pushed the crypto past the hurdle at $30K. Nevertheless, they are now encountering an upside task around the $30.6K mark.
Also, the 1-hour chart presents a massive bearish line developing with $30.4K resistance. The world’s largest digital coin formed a high near $30,721 and now consolidates the gains. The price hovers beyond the 23.6% Fibonacci retracement mark of the uptrend to $30,721 from $28,590. The closest resistance stands at $30.4K. Overpowering this level would see BTC hitting the obstacle at $30.6K.
A decisive move beyond $30.4K and $30.6K resistance zones might see Bitcoin launching a new uptrend in the short term. That would reveal the vital resistance zone near $31.5K, beyond which the crypto could gain bullish strength.
New Drops in Bitcoin?
Bitcoin might experience declines if it fails to clear the resistance at $30.6K. That would see it hitting the initial support barrier at $30K. Meanwhile, the first massive support lies at $29.8K and the 100hr Simple Moving Average.
Another foothold would emerge at $29,655. The value level is close to the 50% Fibonacci retracement zone of the surge to $30,721 from the swing low of $28,590. A downward break and closing beneath the foothold at $29,650 might translate to another price fall. That can see the dominant crypto dropping towards $28.5K.
Though BTC recorded impressive upswings overnight, climbing past $30,000, it needs a lot to keep its upside momentum. For now, bears control the marketplace, and they might drag the altcoin beneath this level again. Nevertheless, let’s wait for what the upcoming sessions will bring. Stay tuned.