Bitcoin price is rising steadily above $29,000. BTC could start a strong upward move if there is a close above the $30,000 resistance.
- Bitcoin is showing positive signs and rising toward the $30,000 resistance zone.
- The price is trading above $28,800 and the 100 hourly Simple moving average.
- There is a key rising channel forming with resistance near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major increase if there is a close above the $30,000 resistance zone.
Bitcoin Price Regains Strength
Bitcoin price formed a base above the $28,000 support zone. BTC started a steady increase and there were bullish moves seen after the Fed hiked interest rates to 5.25%.
The bulls were able to push the price above the $28,800 resistance zone. There was a break above the 61.8% Fib retracement level of the downward move from the $29,975 swing high to the $27,665 low. It opened the doors for a move above $29,000.Immediate resistance is near the $29,420 level. It is close to the 76.4% Fib retracement level of the downward move from the $29,975 swing high to the $27,665 low. The next major resistance is near the channel, above which the price might rise toward the $30,000 resistance zone.