Bitcoin is marching towards record highs and its latest surge towards the $30,000 mark is highly anticipated. The bulls have been able to push the price above the $28,800 resistance and it is trading close to the $29,600 barrier. It has opened the doors for a move above $30,000.

The technical indicators are also flashing bullish signals. The MACD is gaining momentum in the bullish zone and the Relative Strength Index (RSI) is now above the 50 level. If Bitcoin succeeds in closing above the $30,000 barrier, it could start a strong upward move towards the $31,200 level.

On the other hand, if Bitcoin fails to clear the $29,600 resistance, it could start a downside correction. Immediate support on the downside is near the $28,800 level and the channel trendline. The next major support is near the $28,600 zone or the 100 hourly Simple moving average.

In conclusion, Bitcoin is expected to close above the $30,000 barrier to start a strong rally. Any more gains could open the doors for a surge towards the $31,200 resistance and potentially the $32,500 level. However, failure to clear the $30,000 resistance could result in a downside correction and a potential drop towards $28,200.



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