- Bitcoin price is moving close to the $31,000 resistance level and if it closes above this level on a daily basis, it can continue its upward trend.
- If BTC’s price closes above the $32,400 level, the upward movement can expand towards the $34,000 levels.
- However, if Bitcoin fails to break the $31,000 resistance, it may decline to the $28,600 levels.
Bitcoin’s technical analysis indicates that the price is approaching an important resistance zone. Bitcoin’s price is currently trading at $30,662 and if it surpasses the $31,000 resistance, it can continue its upward movement.
Medium-Term BTC Analysis
According to Bitcoin (BTC) technical analysis, the price is moving around an important resistance zone of around $31,000. Currently, the BTC price is trading at $30,662. In the last 24 hours, Bitcoin’s trading volume has reached $15,109,198,272 with an increase of 8.96%.
If the Bitcoin price achieves daily candle closes above the mentioned $31,000 level as stated in the analysis, it can continue its upward movement towards the $32,400 levels. If BTC achieves daily candle closes above the $32,400 level, it has the potential to sustain the upward trend towards the $34,000 levels.
However, if the Bitcoin price fails to break the $31,000 resistance, as mentioned in the analysis, it may show a downward trend towards the $28,600 levels. For BTC to initiate the downward movement, it needs to achieve daily candle closes below the support level of $29,600.
Short-Term BTC Analysis
BTC/USD Price Chart
When examining the short-term price chart of Bitcoin, it experienced a 2.59% increase from the hourly support zone mentioned in our previous analysis, providing gains to our readers.
According to the short-term technical analysis, Bitcoin’s price showed a strong upward reaction from the hourly support zone and reached the $30,600 levels. As long as BTC’s price remains above the mentioned $29,900 level, it can sustain its upward movement towards the $31,400 levels.
However, if BTC’s price achieves hourly candle closes below the $29,900 level, it can extend the downward trend towards the $29,500 levels. If BTC achieves hourly candle closes below $29,500, there is a possibility of entering a downward trend.
If the Bitcoin price consistently closes below the $29,500 level, the downside target could be $28,900. The nearest resistance zone is at $30,785.
