Bitcoin price finally surpassed $30,000 with a recovery attempt. Currently, BTC is facing a strong resistance at $31,000 and could likely go for a dip. Here is a summary of Bitcoin in the past 24 hours:
- Bitcoin surpassed $30,000 level but failed to break $31,000.
- Currently, the price is above $30,000 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we have a new uptrend with support level at $30,400.
- In case BTC loses the $30,000 level, there could be a strong correction forming ahead.
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Bitcoin Price Action Analysis
Bitcoin finally managed to bounce back starting from $25,000 and recover. With that, it surpassed the $28,000 and the SMA100 and at some point moved above $30,000. However, BTC failed to break through $31,000 and the highest recorded price is at $31,390. At this point, the price is on a slow downfall and below $31,000. BTC has penetrated below 23.6% Fibonacci retracement level from the latest rise from $28,600 to $30,400 and is approaching $30,400.
On the 1-hour chart, we have a new uptrend forming with support level at $30,400. The next key support level will be at $30,000 near the 50% Fibonacci retracement level from the latest rise. Dipping below $30,000 could jump start another bear run. In which case, BTC could fall down to $29,000 while the next support level is at $28,000. In case Bitcoin price falls below $28,000 the correction could gain a lot of momentum.
On the other hand, if Bitcoin price managed to stabilize above $30,000, there could be a new uptrend to follow. For this scenario, the first resistance level is at $31,000 followed closely by $31,400. Moving above these levels could push BTC up towards $32,500. Further growth can bring Bitcoin closer to $33,000 level.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently 50.
Resistance levels: Right now, the $31,000, $31,400 and $32,500 are the crucial resistance levels for BTC.
Support levels: The $30,400 and $30,000 are currently the key support levels for the price.
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