Bitcoin has recently been showing significant signs of strength. After the Federal Reserve's decision to increase the rate came out, BTC started to go up. Currently, the coin is trading just above the $29,000 mark after a successful breakout above a key contracting triangle with resistance near $28,700 on the hourly chart of the BTC/USD pair.

The next major resistance is estimated to be around the $29,420 zone, and a successful break above this level could lead Bitcoin's price to the major resistance at $30,000. If this resistance is overcome, there is potential for the coin to move up even higher, potentially to the $30,500 or $31,200 level.

On the other hand, if the $29,200 resistance fails to be broken, then the BTC/USD pair could enter into a corrective phase and start to go down. Long term investors may want to watch for support around the near areas of $28,800 and $28,650, or the 100 hourly Simple Moving Average.

Bitcoin has been exhibiting signs of recovery and establishing bullish momentum that could lead the price to higher levels. We have to pay extra attention to resistances around $29,200 and $29,420 and keep an eye on any breaks that may occur as they will determine the short-term direction of the world's most popular cryptocurrency.

The crypto market has been extremely volatile in recent weeks and, as always, investors should exercise caution and recommended to do their own research before trading.



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