BTC’s surge is not over yet and there’s a chance that Bitcoin will shoot past $34,000 soon enough. The price remained in a bullish zone and climbed above the $30,000 price point but then corrected lower after reaching a new all-time high but it is likely to continue higher as we can see more in today’s Bitcoin news.
Bitcoin is up by 12% and it is trading well above the $30,000 resistance zone which shows there are a lot of positive signs above $31,000 and the 100 simple moving average. There’s a major bullish trend line forming with the support of $30,800 on the 4-hour charts of the BTC/USD pair with the pair likely to continue higher to the $34,000 and $35,000 levels in the near term.
Over the past few days, there was a strong increase in the BTC price above the $25,000 resistance against the US Dollar. The pair broke many major barriers close to the $28,000 and the $30,000 to continue higher. The bulls pushed the price above the $32,000 level and BTC even traded to a new all-time high close to the $33,000 price point. There was a sharp downside correction below the $32,000 level with the price spiking below the $31,000 level but stayed above the $30,000 support.
The new was formed near the $30,316 and started a fresh increase right after. There was a break above the ,000 resistance with the bulls being able to push the price above the 50% fib retracement level of the recent drop from the ,298 high to the ,316 low with it trading nicely above the ,000 resistance zone with another break above the 76.
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4% fib retracement level from the recent drop from the $33,298 high. It now seems like bitcoin’s price could clear this level and trade to a new all-time high with the next key resistance could be close to the $34,000 level. BTC close to the 1.236 fib retracement level from the decline at the $33,298 high to the $30,316 low.
If there’s a fresh downside correction, Bitcoin’s price will bid near the $32,000 and the $31,500 level with a major bullish trend line forming with support close to the $30,800 on the 4-hour charts of the pair. BTC’s surge is not over yet with the main support forming near the $30,000 level that could call for an extended drop towards the $28,500 level.
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