Bitcoin price remains strong as bulls aim fresh high above $32,000

Bitcoin price surges above the $30,500 resistance. BTC is showing positive signs and it could target a fresh high above $31,400.

• Bitcoin pares all its losses and is trading above the $30,500 resistance zone.
• The price is above $30,500 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed by Kraken).
• The pair could gain bullish momentum if it clears the $31,000 resistance zone.

Bitcoin price is regaining strength

Bitcoin price fell sharply below the $30,500 support. BTC even surged below $29,500 before the bulls emerged. A low is forming at $29,375 and the price is now rising.

It is back above the $30,200 resistance level. There was a break above the 50% Fib retracement level of the downside move from the swing high at $31,276 to the low at $29,375. There was also a move above the $30,500 resistance zone.

Bitcoin is trading above $30,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair.

Immediate resistance is near $30,820. It is close to the 76.4% Fib retracement level of the move down from the swing high at $31,276 to the low at $29,375. The first major resistance is near the $31,000 level, above which the price is gaining bullish momentum.

Source: BTCUSD on TradingView.com

The next major resistance is near the $31,250 level. An upside break above the $31,250 resistance could propel BTC towards $32,000. Further gains could open the door for a move towards the $32,500 resistance zone.

BTC falling again?

If bitcoin price fails to clear the $30,820 resistance, more decline might occur. Immediate support on the downside is near $30,550 and the trend line.

The next major support is near the $30,200 level, below which a drop towards the $29,950 support might occur. Further losses could propel the price towards the $29,550 zone in the short-term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Key support levels – $30,500 followed by $30,200.

Major resistance levels – $30,820, $31,000 and $31,250.

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