Bitcoin finally resumed bullish after moving sideways over the past weeks. It saw a 7% surge overnight and reached a new milestone after ten months of trading. The price is still surging at the moment.
After accumulating around the $28k zone for weeks, Bitcoin started surging yesterday and broke through the $29.2k resistance level to tap the important $30.4k level today – marked as the highest price in ten months.
Meanwhile, Bitcoin had established firm support above the $26.6k level with a series of rejections in the past month. Reaching a new milestone today has paved way for more buying opportunities.
Some buyers appeared to have booked some profits around the $30k area due to a potential retracement to the breakout level before bouncing back. That should provide a good discount for buying.
While the price faces a white critical resistance line, the volume indicator drops extremely on the daily – indicating a divergence. If the price tumbles to the previous accumulation price zone, BTC may find it difficult to resume bullish. The bears could take advantage of that controversial area to mount pressure.
In addition, Bitcoin’s outlook on the weekly indicates a bullish reversal, which started from the $15.6k level late last year. However, we may still see a retest around that level by the end of the year before kickstarting a bull cycle at full speed. Take a look at the below bitcoin price chart which shows which key levels to watch:
Bitcoin’s Key Levels To Watch
To extend the latest bullish actions, Bitcoin must push further from the current trading level to sustain momentum to $30.7k, $31.55k and $32.4k. The next major target would be January 2022 high at $33k
As the bears suffer along the way up, the current support levels for retracement are $29.2k and $28.8k on the lower time frame. A drop to $28k could fuel a sell action to $27k and the established $26.6k support before considering a further crackdown.
Key Resistance Levels: $30,700, $31,550, $32,400
Key Support Levels: $28,886, $28,000, $26,600
- Spot Price: $30,100
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: maximusnd/123RF // Image Effects by Colorcinch