Bitcoin Price Analysis: BTC Eyes More Upsides Above $31,250 | Live Bitcoin News

• Bitcoin price is trading below the $31,250 zone against the US Dollar.
• The price is now trading above $30,500 and the 55 simple moving average (4 hours).
• There is a connecting bullish trend line forming with support near $30,300 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• The pair could continue to rise if it stays above the $30,000 support zone.

Bitcoin price is showing positive signs above $30,000 against the US Dollar. BTC might correct lower but dips could be limited below the $29,850 zone.

Bitcoin Price Analysis

Bitcoin price started a decent increase above the $29,000 resistance zone. The price remained stable above the $30,000 level and traded in a positive zone.

There was a clear move above the $30,500 level and the 55 simple moving average (4 hours). The price even rallied above the $31,000 resistance zone. However, the price seems to be struggling near the $31,450 zone. A high was formed near $31,445 and the price is now consolidating gains.

The price traded below $30,850 and tested the 23.6% Fib retracement level of the upward move from the $24,750 swing low to the $31,445 high. The price is now trading above $30,500 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $31,000 level. The first major resistance is near the $31,250 level, above which the price could rise toward the $32,000 zone.

Any more gains might send the price toward the $32,850 zone. If there is no upside break, the price might start a downside correction below $30,500. There is also a connecting bullish trend line forming with support near $30,300 on the 4-hour chart of the BTC/USD pair.

The next key support is near the $29,200 level. Any more losses might call for a move toward the $28,000 support zone or the 50% Fib retracement level of the upward move from the $24,750 swing low to the $31,445 high.

Looking at the chart, Bitcoin price is trading above $30,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $30,000 support zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $30,500 and $30,000.

Key Resistance Levels – $31,000, $31,250, and $32,000.

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• Source: https://www.livebitcoinnews.com/bitcoin-price-analysis-btc-eyes-more-upsides-above-31250/