Bitcoin Price Analysis: BTC Resumes Uptrend
Bitcoin (BTC) price has continued its upward movement after breaking through the $28,400 resistance level. The resistance at $28,400 had been limiting Bitcoin’s upward movement since August 29. However, the bulls managed to break through this resistance on October 29, opening the door for further gains. A retreating candlestick tested the 50% Fibonacci retracement level of the October 2 upswing.
This retracement suggests that Bitcoin could rise to the Fibonacci extension level of 2.0 or $32,033. The cryptocurrency has already reached the psychological price level of $30,752. As it approaches the expected price of $32,000, it is likely to encounter resistance due to an overbought market zone. Bitcoin has struggled to break above its previous high on July 13.
Technical Indicators
Key resistance levels for Bitcoin are at $30,000 and $35,000, while key support levels are at $20,000 and $15,000.
Bitcoin Indicator Reading
The value of Bitcoin has risen due to price bars being above the moving average lines. Since October 1, BTC price has completed a bullish crossover, indicating a resumption of bullish momentum. The moving average lines are also pointing upwards, confirming the upward trend.
What’s Next for BTC/USD?
Bitcoin has regained the psychological price level of $30,000 and is approaching a potential resistance area between $31,000 and $32,000. In July, the cryptocurrency faced rejection when it retested this resistance zone. Currently, the BTC price is being rejected as it tests the $31,000 high once again.
On October 16, BTC broke through the 21-day simple moving average and started an upward movement. The bullish momentum pushed the price above the resistance at $28,600 and the psychological level of $30,000.
Hot Take: Bitcoin’s Bullish Momentum Faces Resistance
Bitcoin’s price has resumed its uptrend after breaking through the $28,400 resistance level. The cryptocurrency is now approaching the psychological price level of $32,000, but it is likely to face resistance in this overbought market zone. Technical indicators show key resistance levels at $30,000 and $35,000, while support levels are at $20,000 and $15,000. Bitcoin’s bullish momentum has been confirmed by a bullish crossover and upward-pointing moving average lines. However, the cryptocurrency has struggled to break above its previous high on July 13. As BTC tests the $31,000 high once again, its next direction remains uncertain.
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