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Bitcoin price has corrected gains and is testing the $30,650 support level. If it remains above this support zone, it could start a fresh increase. The price is currently trading above $30,700 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $30,700. Immediate resistance is near the $31,050 level, and a close above the $31,400 resistance could lead to another strong increase. However, if the price fails to clear the $31,050 resistance, it could continue to move down with immediate support near $30,650. Major support levels are at $30,650 and $30,200. Major resistance levels are at $31,050, $31,400, and $32,000.
This article originally appeared on www.newsbtc.com
Bitcoin Price Could See Fresh “Liftoff” if It’s Able to Hold One Key Level
Bitcoin has been on a rollercoaster ride lately, with its price soaring to new heights, then experiencing a significant dip. However, experts say that if the cryptocurrency can hold one key level, it could potentially see a fresh surge in price.
The key level in question is $30,000. Bitcoin has been hovering around this level for some time now, and it is considered a critical support level. If the cryptocurrency is able to hold above this level, it could signal a bullish trend and pave the way for a new rally.
There are a few reasons why the $30,000 level is so important. Firstly, it is seen as a psychological support level. Many traders and investors view this level as a crucial point where buyers typically step in to support the price. If the price can stay above $30,000, it could instill confidence in the market and attract more buyers.
Secondly, there is a technical aspect to this level. Bitcoin’s 200-day moving average currently sits around $30,000. The 200-day moving average is a widely followed indicator that measures the average price of an asset over a certain period. It is often used to identify long-term trends. If Bitcoin can hold above this moving average, it could be seen as a bullish signal.
Furthermore, there is a historical aspect to this level. In the past, Bitcoin has experienced significant price movements after testing its 200-day moving average. In 2012, 2013, and 2017, the cryptocurrency saw substantial gains after bouncing off this level. If history were to repeat itself, we could see Bitcoin embark on another bullish rally.
However, it’s important to note that Bitcoin’s price is highly volatile, and there are no guarantees when it comes to the cryptocurrency market. Prices can change rapidly, and Bitcoin has seen its fair share of ups and downs. Therefore, it is crucial for investors to exercise caution and do their research before making any investment decisions.
In conclusion, Bitcoin’s price could potentially see a fresh surge if it is able to hold above the key level of $30,000. This level is not only a psychological support level but also holds technical and historical significance. However, investors should approach the cryptocurrency market with caution, as it is highly volatile. It is always wise to conduct thorough research and consult with a financial advisor before making any investment decisions.
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