When assessing the hourly graph of the BTC/USD pair, it is evident that the most recent low is situated close to $30,214, which is a notable decrease from its most recent peak. Nonetheless, the cost is now rising, which is a positive sign for investors. In addition, there was an increase above the 23.6% Fib retracement point of the recent decrease from the $31,020 high to the $30,214 low, implying that there may be a growth in bullish impetus.
On the hourly chart, an upward-trending line is being formed with assistance at $30,400, indicating that some are still bullish about Bitcoin’s potential outcomes.
The current Bitcoin price is hovering above $30,200, which is a good sign. However, it is proving difficult for the bulls to break through the $30,600 resistance level, making it hard to see an increase in value any time soon.
Approaching the $30,700 zone is the next level of resistance, located near the 61.8% Fibonacci retracement of the drop from $31,020 to $30,214. If it can break through this level of resistance, it could possibly reach as high as $31,000, a major development for investors.
For Bitcoin to demonstrate long-term potential, the price must exceed $31,000. If it succeeds in doing so, the next resistance lies around $31,400, which, if surpassed, could suggest a move towards the $32,000 resistance level.
NOTICE: The content posted on this website is just a general overview of the market and is not intended to be taken as investment advice. We suggest that you do your own research before investing.
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