By Solomon Odunayo
- Bitcoin kick-started new upside from the support of $29.5K.
- BTC trades beyond the crucial $30K and 100hr Simple Moving Average.
- The hourly timeframe confirms a critical bearish line emerging with $31.4K resistance (Kraken data).
- A decisive move beyond the $31.5K resistance might trigger stable uptrends for Bitcoin.
Bitcoin steadied beyond the support barrier of $29.5K. A clear move past the resistance of $31.5K can translate to a massive surge for the leading crypto.
BTC Reverses Losses
Bitcoin had its price well beyond $29.3K and $29.5K zones. The bellwether crypto printed a low near $29.2K and kick-started new uptrends. Bullish moves pushed Bitcoin beyond the resistance at $30K.
Moreover, bulls propelled prices past $30.5K and 100hr Simple Moving Average. BTC even toppled the $31K mark to test the resistance level at $31.5K. For now, it consolidates gains following a high of $31,550.
BTC/USD touched the 23.6% Fibonacci retracement area of the latest uptick from the swing low of $29.2K to $31,550. The nearest hurdle to the upside sits at $31.4K. Moreover, the pair’s hourly chart shows a bearish trend-line developing with $31.4K resistance.
Meanwhile, the first critical resistance stood at $31.5K. Overcoming this obstacle will support further upswings for BTC. Another resistance will likely emerge at $32.2K. Further gains could shift the trend, welcoming uptrends towards $33.2K.
New Bitcoin Drops?
Failure to conquer the resistance at $31.5K might see Bitcoin on another plunge. Moreover, Bitcoin has failed to steady beyond $30K amidst several attempts within the past weeks.
Sellers have dragged the dominant crypto to sub-$29K following all upside attempts. For now, BTC’s closest support to the downside sits at $30,850.
Another foothold stands at $30,175. It’s near the 50% Fibonacci retracement area of the latest move from $29.2K to $31,550.
Meanwhile, breaching $30,175 will trigger declines below the coveted $30,000. That will see Bitcoin diving towards the support at $29.5K in the short term.
Bitcoin might remain inside a tight range due to inflation and recession worries. Investors appear scared of the markets, withdrawing their investments to prevent more losses.
Technical Indicators
Crucial support zones: $30,850, then $30,175
Critical resistance levels: $31.4K, $31.5K, and then $32.2K