Bitcoin Bulls Keep Pushing, Why BTC Could Soon Attempt To Surpass $31K

2023-07-12 03:20:59

Bitcoin price is moving higher above the $30,500 level. BTC is showing signs of a fresh move toward the $31,000 resistance zone.

Bitcoin is slowly moving higher above the $30,500 support zone.
The price is trading above $30,400 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further toward the $31,000 resistance and then $31,400.

Bitcoin Price Holds Ground

Bitcoin price remained stable above the $30,000 support zone. A base was formed and BTC started a decent increase above the $30,200 level.

The price was able to spike a couple of times above the 50% Fib retracement level of the downward move from the $31,020 high to the $30,215 low. However, the bears seem to be active near the $30,700 resistance zone. There is also a key bullish trend line forming with support near $30,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $30,400 and the 100 hourly Simple moving average. Immediate resistance on the upside is seen near the $30,720 level. It is close to the 61.8% Fib retracement level of the downward move from the $31,020 high to the $30,215 low.

Source: BTCUSD on TradingView.com

The next resistance is near the $31,000 zone, above which the price could gain bullish momentum. In the stated case, BTC might rise toward the $31,400 resistance. The next major resistance is near the $32,000 level. Any more gains could open the doors for a move toward the $32,500 resistance zone.

Another Decline in BTC?

If Bitcoin’s price fails to clear the $30,700 resistance, it could start another decline. Immediate support on the downside is near the $30,500 level and the trend line.

The next major support is near the $30,300 level and the 100 hourly Simple moving average, below which there could be a drop toward the $30,000 support zone. Any more losses might send the price toward the $29,850 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $30,500, followed by $30,300.

Major Resistance Levels – $30,700, $31,000, and $31,400.

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