Bitcoin (BTC)Crypto News

Bitcoin Recovers Above $30,000 – What Could Lead to Another Selloff?

Bitcoin Dropped below the $25,000 support level against the US Dollar and is now on the mend and could break above the critical $30,000 resistance zone. Bitcoin found support above $25,000 and started an uptrend. The price remains below $30,000 and the 100 hourly simple moving average.

There is a major bearish trend line forming with a one on the hourly chart of the BTC/USD pair Resistance near $30,000. The pair needs to break $30,000 to enter positive territory and start a real recovery.

Bitcoin price has started to increase

Bitcoin The price remained bearish and traded below the $30,000 support level, BTC continued falling and traded below the $28,000 level.

BTC/USD

our recommendation Bitcoin Recovers Above $30,000 – What Could Lead to Another Selloff?, Crypto Trading News

It bounced below $26,000 and the price traded to a fresh multi-month low of $25,332. A base was formed above $25,000 and the price started a new upward move. The price broke the $26,500 and $27,500 resistance levels.

The price has surged above the 50% Fib retracement level of the recent decline from the $32,130 high to the $25,332 low; however, it remains below $30,000 and the 100 hourly simple moving average.

There is also a major bearish trend line forming with resistance near $30,000 on the hourly time frame of the BTC/USD pair. The next significant resistance is near $30,500 and the 100 hourly simple moving average. It is close to the 76.4 percent Fib retracement level of the recent drop from the $32,130 swing high to the $25,332 low.

A clear break above the $30,000 and $30,500 resistance levels could start a fresh uptrend in the coming sessions. The next major resistance level might be near $31,500, after which the price could surge above $32,000.

Bitcoin price drop?

If it Bitcoin failing to break the $30,000 resistance level may result in a fresh decline. On the downside, there is immediate support near $28,800.

The next significant support is seen at $27,650. A break and close below the $27,650 support level may accelerate losses. The next major support level could be $26,200, below which the bears could target the $25,500 support zone. Much luck!

Source: Crypto News Deutsch

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