Bitcoin Price Holds Strong As The Bulls Aim New High Above $32K

2023-07-03 03:32:38

Bitcoin price is moving higher above the $30,500 resistance. BTC is showing positive signs and might aim for a new high above the $31,400 level.

Bitcoin is trimming all its losses and trading above the $30,500 resistance zone.
The price is trading above $30,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $31,000 resistance zone.

Bitcoin Price Regains Strength

Bitcoin price declined heavily below the $30,500 support. BTC even spiked below $29,500 before the bulls appeared. A low is formed near $29,375 and the price is now rising.

It is back above the $30,200 resistance level. There was a break above the 50% Fib retracement level of the downward move from the $31,276 swing high to the $29,375 low. There was also a move above the $30,500 resistance zone.

Bitcoin is trading above $30,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $30,820 level. It is close to the 76.4% Fib retracement level of the downward move from the $31,276 swing high to the $29,375 low. The first major resistance is near the $31,000 level, above which the price gain bullish momentum.

Source: BTCUSD on TradingView.com

The next major resistance is near the $31,250 level. An upside break above the $31,250 resistance might send BTC toward $32,000. Any more gains could open the doors for a move toward the $32,500 resistance zone.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $30,820 resistance, it could start another decline. Immediate support on the downside is near the $30,550 level and the trend line.

The next major support is near the $30,200 level, below which there could be a drop toward the $29,950 support. Any more losses might send the price toward the $29,550 zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

Major Support Levels – $30,500, followed by $30,200.

Major Resistance Levels – $30,820, $31,000, and $31,250.

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