Bitcoin found the strength to hold above 31,000. It even reached a high of 32,383 but could not hold on and dropped lower. At the time of publication, the BTC/USD pair is trading around 31,600.
It seems that Bitcoin lacks support above 32,000 at this stage. Even if the BTC/USD pair rises above this level again, it will not be able to hold. Above the 32,000 level, sale pressure increases. Investors who purchased coins in the 32,000-35,000 range will start selling Bitcoins to partially recompense, once the price enters this zone.
The technical analysis confirms that the 32,000 level is the nearest resistance for the BTC/USD pair. In case of growth above this level, the BTC/USD pair will face strong resistance in the 32,200-32,400 area. Successfull breaking this area will allow the BTC/USD pair to rise to the 32,500 area. If this level is quickly overcome, it is quite possible that we will see ascending and the pair’s reaching the 33,400 area.
On the other hand, the BTC/USD pair is trading below the immediate support of 31,800. The bears can take advantage of this and bring the pair back to the 30,800 area. A move below this level will increase the risk of a downside to the 30,000 area.
It is also worth noting that, most likely, soon, we will see the trading of the BTC/USD pair in the range of 30,250-32,300. This range will be valid until the bulls or bears gather the strength for a further breakout.
