Bitcoin Bulls Keep Pushing, Why Rally Isn’t Over Yet

2023-06-22 02:49:03

Bitcoin price is surging above $30,000. BTC is up over 10% and it seems like the bulls are not done yet and might be aiming for a move to $32,000.

Bitcoin is gaining pace above the $30,000 resistance.
The price is trading above $29,500 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $30,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further if it clears the $30,800 and $31,200 resistance levels.

Bitcoin Price Extends Its Rally

Bitcoin price started a major rally above the $28,500 resistance zone. BTC gained strength and was able to clear the key $29,200 resistance zone. It is up over 10% and there was a clear move above the $30,000 resistance.

It traded close to $30,800. A high is formed near $30,794 and the price recently saw a minor downside correction. There was a move below the $30,500 level. The price dipped below the 23.6% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high.

Bitcoin price is now trading above $29,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $30,250 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

It is again rising and trading above the $30,000 level. On the upside, the price is facing resistance near the $30,300 level. The next major resistance is near the $30,800 level. An upside break above the $30,800 resistance could start a fresh increase toward the $31,200 level. The next major resistance is near the $32,000 level, above which the bulls might send BTC toward the $32,500 resistance zone.

Dips Present Buying Opportunity in BTC?

If Bitcoin’s price fails to clear the $30,800 resistance, it could start a downside correction. Immediate support on the downside is near the $30,250 level and the trend line.

The next major support is near the $29,750 level or the 50% Fib retracement level of the recent wave from the $28,660 swing low to the $30,794 high. The main support is now near $29,000, below which the price might drop toward the $28,500 support. Any more losses might send the price toward $27,500 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 in the overbought zone.

Major Support Levels – $30,200, followed by $29,750.

Major Resistance Levels – $30,300, $30,800, and $31,200.

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