Cryptocurrency Bitcoin price quickly recovered from a dip below the $30,000 key level. BTC price found support near $29,200 and rebounded and currently trading near $30,000. In order for bulls to maintain control, Bitcoin needs to clear the important $30,500 resistance level that should act as a gateway to the $31,200 and $32,000 levels.
The recent surge in Bitcoin’s price has been lent extra strength by the break above a major bearish trend line with resistance near $30,080 on the hourly chart. This could prove critical as Bitcoin is now also trading above both the $30,000 level and the 100 hourly Simple Moving Average.
It’s also worth noting that the recent surge has been bolstered by the hourly MACD and Relative Strength Index, which remain in bullish territory and exhibiting signs of continued strength. Nevertheless, in order to really ensure that the bulls maintain control, Bitcoin must find buyers to push it past the important $30,500 level.
In terms of support, if Bitcoin fails to clear the $30,500 resistance, the $30,050 level and the 100 hourly SMA may lend some support. If a further decline takes place, then the $29,800 zone or the 50% Fibonacci retracement of the recent surge should prove a strong backstop. A move below that could push Bitcoin towards the $29,200 mark.
Ivanna Patel
- 2023-04-19
Bitcoin Quickly Recovers After Brief Dip Below Key Level
Bitcoin is back above its key $30,000 mark after a brief dip below the level. The surge has been lent extra strength by a break above a bearish trend line. To ensure that bulls maintain control however, buyers need to be found at the $30,500 level.
