Bitcoin continued to rise against the US Dollar, reaching the support zone of $29,350. It then cleared the $30,000 resistance zone.
Despite the initial decline, Bitcoin price was still able to rise above the key support zone of $29,350. A base was then formed near this area, which led to a fresh increase. The price then moved above the resistance levels of $30,000 and $29,800.
On the hourly chart of the Bitcoin/USD pair, the price broke above a major support line. It then moved above the key resistance level of $30,000. The pair also broke above the 100 simple moving average and the 50% Fibonacci level of the previous decline from the $32,400 high to the $29,255 low.
Bitcoin price is currently consolidating around the $32,300 level. A break above the $31,180 resistance area will likely lead to a stronger move higher. The next resistance level is located at the 61.8% Fibonacci level of the decline from the $32,400 high.
Despite the initial decline, Bitcoin price was still able to rise above the key support zone of $29,350. A base was then formed near this area, which led to a fresh increase. The price then moved above the resistance levels of $30,000 and $29,800.
On the hourly chart of the Bitcoin/USD pair, the price broke above a major support line. It then moved above the key resistance level of $30,000. The pair also broke above the 100 simple moving average and the 50% Fibonacci level of the previous decline from the $32,400 high to the $29,255 low.
Bitcoin price is currently consolidating around the $32,300 level. A break above the $31,180 resistance area will likely lead to a stronger move higher. The next resistance level is located at the 61.8% Fibonacci level of the decline from the $32,400 high.