- Bitcoin is moving in an important resistance zone above the $31,000 level in its daily technical chart.
- If BTC breaks the $31,000 resistance, it has the potential to rise to the $32,400 levels.
- However, if the Bitcoin price fails to break the $31,000 resistance, it could extend its downward movement towards the $28,600 levels.
When examining Bitcoin’s daily technical chart, the resistance above the $31,000 level emerges as a significant factor. Whether BTC surpasses or fails to break this resistance can play a critical role in determining its short-term movement.
Medium-Term BTC Analysis
Daily BTC/USD Price Chart
When examining Bitcoin’s daily technical chart, it can be seen that it is moving in an important resistance zone above the $31,000 level. If the BTC price can surpass the $31,000 resistance with daily candlestick closures, it can sustain its upward movement towards the $32,400 levels.
However, if the Bitcoin price fails to achieve daily candlestick closures above the $31,000 level, it could extend its downward movement towards the $28,600 levels. Today, Bitcoin continued its rise with strong buyer demand, reaching levels of $31,170.
If the Bitcoin price fails to break the $31,000 resistance, the $29,600 level stands out as a downward target. If BTC achieves daily candlestick closures below $29,600, it could extend its downward movement towards the $28,600 levels.
Can Bitcoin Rise to $32,000?
2-Hour BTC/USD Price Chart
When examining Bitcoin’s short-term technical chart, it can be seen that it is moving above the previously mentioned $30,850 resistance. If the BTC price remains above the $30,850 level, it can sustain its rise towards the $31,440 levels.
If the Bitcoin price achieves 2-hour candlestick closures above the $31,440 level, it can continue its next upward movement towards the $32,000 levels. However, if the BTC price achieves 2-hour candlestick closures below the $30,850 level, it could experience a downward movement towards the $29,500 support.
