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Bitcoin Eyes Upside Break: Will it Surge Above $32,000?

08.07.2023
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The leading cryptocurrency, Bitcoin is displaying positive signs as it trades above the crucial $30,800 resistance zone. With the price surpassing $30,850 and the 100 hourly Simple Moving Average, Bitcoin’s bullish momentum is gaining strength.

On the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support around $30,920, as per data feed from Kraken. Should Bitcoin successfully clear the $31,400 resistance zone, it could experience an acceleration in its upward trajectory.

After remaining stable above the $30,500 support level, Bitcoin embarked on a steady climb, breaching the $30,820 resistance. It even broke through the $31,000 and $31,400 resistance levels, reaching a high near $31,373 before entering a consolidation phase. The cryptocurrency is currently trading above the 23.6% Fibonacci retracement level of its recent increase, from the $30,192 swing low to the $31,373 high.

Notably, Bitcoin trades above $30,850 and the 100 hourly Simple Moving Average, signaling a bullish sentiment. The bullish trend line and this upward momentum provide further support around the $30,920 level.

The immediate resistance is anticipated near $31,350, with the first major hurdle at $31,400. A breakthrough at this level could potentially ignite another robust rally, targeting the $32,000 level. Further gains might open doors for a push toward the $32,500 level, followed by the $33,200 resistance zone.

However, a downside correction could ensue if Bitcoin fails to clear the $31,400 resistance. Immediate support awaits near the $31,000 level, while the next significant support lies at $30,920 along with the aforementioned trend line. In case of a further decline, the 50% Fibonacci retracement level near $30,550 or the 100 hourly SMA could act as potential support levels.

Analyzing the technical indicators, the hourly MACD shows signs of losing pace within the bullish zone, suggesting a potential consolidation or minor pullback. On the other hand, the hourly RSI (Relative Strength Index) is above the 50 levels, indicating a favorable position for Bitcoin.

In summary, Bitcoin’s price is poised for an upside break as it hovers above key resistance levels. If it successfully overcomes the $31,400 hurdle, the cryptocurrency could surge toward $32,000 and potentially higher. Conversely, failure to breach the resistance might trigger a corrective move with immediate support at $31,000. Traders and investors are keenly watching Bitcoin’s next move as it charts its path in the market.

The post Bitcoin Eyes Upside Break: Will it Surge Above $32,000? appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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