By Billie Harvill
Briefly –
- BTC launched recoveries from $29,350.
- Bitcoin trades beneath $31K and 100-hourly SMA.
- BTC/USD 1hr chart shows a massive bearish line developing with resistance at $31K (Kraken data).
- Failure to overcome the $31K resistance would see the pair in a downward move.
Bitcoin started upside recoveries after securing support at $29,350. The crypto should overcome the resistance at $31K and 100-hourly Simple Moving Average to stretch upside.
Bitcoin Regains $30K Levels
Bitcoin price encountered extended declines beneath the support level at $30K. Nevertheless, the downside halted below $29.5K. The leading crypto by market cap launched an upside recovery after forming a base at $29,350.
BTC climbed past the resistance zone at $30K. The price moved beyond the 23.6% Fibonacci retracement mark of the drop from $32.4K to the lows of $29,328. The crypto even surged past the hurdles at $30.5K before bears stepped up near $31K.
For now, Bitcoin hovers beneath $31K and 100-hourly Simple Moving Average. Moreover, the one-hour chart shows a massive bearish trend-line emerging with $31K resistance. The trend-line sits near the 50% Fibonacci retracement mark of the fall to $29,328 from $32.4K. Upside actions will meet the closest resistance at $30.8K. Overcoming this obstacle will see BTC surging towards the massive resistance at $31K and 100-hourly SMA.
A decisive move past the $31K obstacle might welcome another upside wave for Bitcoin. Nevertheless, an improved broad market outlook is essential for uptrends to conquer this level. Meanwhile, another resistance would appear at $32K, and sellers will likely emerge around the $32K value area.
Another Bitcoin Decline?
Bitcoin might see another downward wave if it fails to climb past the resistance at $31K. The bellwether crypto would slide towards the nearest downside support at $30K. Another crucial support stands near $29,350, under which Bitcoin could suffer a sharp drop. The pair will likely dip towards the $28,250 barrier.
The crypto market sees an improved mood today, following persistent downtrends. Bitcoin gained 2.13% within the past day to $30,468.68. The crypto seems primed for an upside move, though near-term hurdles remain challenging. Failure to overcome $31K (100 SMA) would translate to another slide for BTC.
Stay tuned for the latest developments within the crypto world.