Bitcoins Price Surge to $31K: Brace for a Correction or Bullish Breakout?

By Lola Coin Jun 24, 202364Views

After an extended period of consolidation, Bitcoin’s price has successfully surpassed the critical $30K resistance level. However, it is important to exercise caution within the market, particularly in the short term.

Technical Analysis

By: Edris

The Daily Chart

On the daily timeframe, Bitcoin’s price has experienced a rapid upward movement in the past week, following a strong bounce from the $25K support level. The resistance at $30K has been exceeded, and the price is attempting to maintain its position above it.

However, the RSI indicator currently signals an overbought condition, suggesting a probable correction. If it occurs, the 50-day moving average might act as a support level around $27,500, followed by the 200-day moving average near the $25K region.

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