Bitcoin started a fresh increase and surpassed $31,000 against the US Dollar. BTC could correct gains, but dips might remain well supported above $30,800.<\/em><\/p>\n

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Bitcoin is gaining pace above the $30,500 and $31,000 resistance levels.<\/li>\n
The price is now trading above the $31,000 level and the 100 hourly simple moving average.<\/li>\n
There is a connecting bullish trend line forming with support near $31,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could rally further if it clears the $32,200 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Rallies 5%<\/h2>\n
Bitcoin price remained well bid<\/a> above the $30,000 pivot level. It formed a base and started a fresh increase above the $30,500 resistance zone.<\/p>\n
The price gained pace above the $31,200 resistance zone and settled well above the 100 hourly simple moving average<\/a>. Finally, there was a spike above the $32,000 level and the price traded as high as $32,186. It is now correcting gains below $32,000.<\/p>\n
There was a move below the 23.6% Fib retracement level of the upward move from the $30,234 swing low to $32,186 high. However, there is a connecting bullish trend line forming with support near $31,250 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
An immediate resistance on the upside is near the $32,200 level. The next major resistance is near the $32,200 level. A clear move above the $32,200 resistance level might call another increase. In the stated case, the price could even clear the $32,500 resistance. The next major resistance sits near the $33,400 level.<\/p>\n
Dips Limited in BTC?<\/h2>\n
If bitcoin fails to clear the $32,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $31,500 level. The first major support is near the $31,250 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the $30,234 swing low to $32,186 high.<\/p>\n
The main support is now forming near the $30,800 level. A downside break below the $30,800 support might put a lot of pressure on the bulls. In the stated case, the price may perhaps revisit the $30,000 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 60 level.<\/p>\n
Major Support Levels \u2013 $31,250, followed by $30,800.<\/p>\n
Major Resistance Levels \u2013 $32,200, $32,200 and $33,400.<\/p>\n<\/div>\n

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Bitcoin started a fresh increase and surpassed $31,000 against the US Dollar. BTC could correct gains, but dips might remain well supported above $30,800. Bitcoin is gaining pace above the $30,500 and $31,000 resistance levels. The price is now trading above the $31,000 level and the 100 hourly simple moving average. There is a connecting […]<\/p>\n","protected":false},"author":1,"featured_media":13593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[3426,2193,36,610,5155,1795,4405],"class_list":{"0":"post-27654","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-market","8":"tag-32k","9":"tag-attractive","10":"tag-bitcoin","11":"tag-dips","12":"tag-nearterm","13":"tag-remain","14":"tag-revisits"},"_links":{"self":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/27654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/comments?post=27654"}],"version-history":[{"count":0,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/posts\/27654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media\/13593"}],"wp:attachment":[{"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/media?parent=27654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/categories?post=27654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptocurrencypanther.com\/wp-json\/wp\/v2\/tags?post=27654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}