Cryptocurrency, and especially Bitcoin, has become increasingly popular as an alternate form of payment and an investment alternative recently. It has risen sharply above the $30,000 mark before falling back to below the $29,000 resistance level. Buyers have consistently held the price above the $28,000 level but were unable to break above the recent high of $29,000. Currently, Bitcoin is rising once again and approaching the said resistance level.

Relative Strength Index is suggesting that the price of the cryptocurrency is still in a favorable trend with the potential to go even higher. According to the daily stochastic, the negative trend has come to an end as buyers are emerging in the oversold area.

Traders will be watching if the Bitcoin price can break the two key resistance levels which are $30,000 and $35,000. The cryptocurrency’s return to these issues after having fallen below them is a good sign for investors. On the other hand, it is also important to watch the corresponding support levels - $20,000 and $15,000. If these levels are attempted and broken, then it will be an indication that the Bitcoin’s price might fall further.

Overall, the current movement of Bitcoin can be categorized as sideways. Together with the fact that the price bars remain above the moving average lines, this indicates that the Bitcoin price is likely to be on the rise in the near future. As such, investors of the cryptocurrency should stay updated in regards to the current events, so that they can make informed decisions regarding their investments.



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