Bitcoin price started a fresh increase after XRP’s massive rally. BTC is trading above $31,400 and might rally if there is a close above $32,000.
- Bitcoin is moving higher above the $31,000 and $31,400 resistance levels.
- The price is trading above $31,000 and the 100 hourly Simple moving average.
- There was a break above a key contracting triangle with resistance near $30,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above $32,000.
Bitcoin Price Starts Fresh Increase
Bitcoin price was able to clear the $30,500 resistance zone. BTC started a fresh increase after a court ruling in favor of Ripple, stating XRP is not a security. There was a break above the $30,650 resistance.
Besides, there was a break above a key contracting triangle with resistance near $30,700 on the hourly chart of the BTC/USD pair. The pair even climbed above the $31,400 resistance zone. A high is formed near $31,790 and the price is now consolidating gains.It is trading near the 23.6% Fib retracement level of the recent increase from the $30,217 swing low to the $31,790 high. Bitcoin is now trading above $31,000 and the 100 hourly Simple moving average.
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