It seems that today the primary goal of the bulls is to keep the price of Bitcoin at the achieved level. During the previous two days, the BTC price showed growth. It was able to rise above the psychological level of $30,000. After that, the BTC price continued to grow and even tried to rise above 32,000. However, today we see that the growth rate has decreased significantly, the BTC price has pulled back a little, and at the time of publication, Bitcoin is trading at 31,775.
Despite this growth, analysts remain skeptical and view the current growth as short-term. Most likely, trading will continue in a narrow range.
The market is still lacking confidence. Investors expect an even greater strengthening of the US dollar. They suggest that the current rise is a temporary pullback before a further decline. As the market goes through another crypto winter, this pullback is a relief before another protracted decline.
On the 4-hour chart, we see that the BTC/USD pair left the triangle. The pair also rose above the momentous resistance level of 31,600. If the BTC/USD pair holds above this level, we will see the further movement towards the 32,200 area. A move above this level will allow the pair to continue rising and rise to the 32,500 area.
A break below 31,600 will put pressure on the BTC/USD pair and send it to the 31,250 area. A move below this level will take the BTC/USD pair to the 30,800 area. The break of this level will cancel all gains of the BTC/USD pair and send it to the 30,000 area.