Bitcoin price corrected gains and retested the $30,650 support. BTC could start a fresh increase if it stays above the $30,000 support zone.
- Bitcoin is holding gains above the $30,650 support zone.
- The price is trading above $30,700 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $30,650 support zone.
Bitcoin Price Remains Stable
Bitcoin price struggled to clear the key $31,400 resistance zone. BTC started a downside correction below the $31,000 and $30,800 levels.
The price declined below the 50% Fib retracement level of the upward move from the $30,192 swing low to the $31,372 high. However, the bulls were seen active near the $30,650 support zone and the 100 hourly Simple moving average.Bitcoin also tested the 61.8% Fib retracement level of the upward move from the $30,192 swing low to the $31,372 high. It is now trading above $30,700 and the 100 hourly Simple moving average.
There is also a key bullish trend line forming with support near $30,700 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $31,050 level. The first major resistance is near the $31,250 level, above which the price might start rise toward $31,400.