Bitcoin Price Key Indicators Suggest A Strengthening Case For Rally To $32K

Bitcoin price is still struggling to clear the $31,000 resistance. BTC is showing strength and might soon rally toward the $32,000 resistance.

Bitcoin is trading in a range below the $31,000 resistance zone.
The price is trading above $30,400 and the 100 hourly Simple moving average.
There was a break above a key declining channel with resistance near $30,210 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $30,750 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price corrected lower below the $30,500 support zone. BTC even spiked below the $30,000 level but downsides were limited. A low is formed near $29,834 and the price is again rising.

There was a move above the $30,000 and $30,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $31,008 swing high to the $29,834 low. Besides, there was a break above a key declining channel with resistance near $30,210 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $30,400 and the 100 hourly Simple moving average. It is also trading above the $30,550 pivot level. Immediate resistance is near the $30,750 level. It is close to the 76.4% Fib retracement level of the downward move from the $31,008 swing high to the $29,834 low.

Source: BTCUSD on TradingView.com

The first major resistance is near the $31,000 level, above which the price gain bullish momentum. The next major resistance is near the $31,450 level. An upside break above the $31,450 resistance might send BTC toward $32,000. Any more gains could open the doors for a move toward the $32,500 resistance zone.

Another Dip in BTC?

If Bitcoin’s price fails to clear the $30,750 resistance, it could start another decline. Immediate support on the downside is near the $30,420 level and the 100 hourly Simple moving average.

The next major support is near the $30,000 level, below which there could be a drop toward the $29,550 support. Any more losses might send the price toward the $29,000 zone 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 above the 50 level.

Major Support Levels – $30,420, followed by $30,000.

Major Resistance Levels – $30,750, $31,000, and $31,450.

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