After the price of Bitcoin returned above 29,000 yesterday, it began to grow actively. The bulls activated after the BTC price returned above 29,000 and pushed it above 30,000. At the time of publication, the BTC/USD pair is trading in the 30,700 area.
As we wrote earlier, the BTC/USD pair traded in a triangle on the 4-hour chart. Thanks to today’s growth, it was able to break through the upper boundary of this triangle. BTC/USD was able to rise above the resistance levels of 30,190 and 30,400 thanks to the growth of the BTC/USD pair. Next, the BTC/USD pair will meet the nearest resistance in the 31,300 area. A move above this level will allow the pair to rise to the 32,000 area.
However, if the BTC/USD pair fails to hold above the 30,600 support level, it may drop to 30,000. A break of this level will send the BTC/USD pair to support around 29,600. The pair will then meet support around 29,300.
Analysts are still pessimistic about the rise in the price of Bitcoin. On the 1-week chart, the pair formed nine bearish candles in a row. Analysts say it’s too early to talk about trend change. Most likely, the price of Bitcoin has not yet reached the bottom. Now we see a temporary correction.