Bitcoin Bulls Keeps Pushing, Why Fresh Increase To $31K Seems Likely

Aayush Jindal

Last Updated: June 11, 2024 2:38 pm

2 mins read

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Bitcoin price is attempting a fresh increase from $29,500. BTC could gain bullish momentum if it clears the $30,200 resistance zone in the near term.

Bitcoin is slowly moving higher from the $29,500 level.
The price is trading below $30,200 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a close above the $30,200 resistance.

Bitcoin Price Aims Higher

Bitcoin price followed a bearish path below the $30,200 pivot level. BTC even broke the $29,850 level and tested the $29,500 level. A low is formed near $29,500 and the price is now attempting a fresh increase.

The price climbed above the $29,850 and $30,000 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The price is now consolidating near $30,000.

Bitcoin price is still trading below $30,200 and the 100 hourly Simple moving average. Immediate resistance is near the $30,080 level. There is also a major bearish trend line forming with resistance near $30,100 on the hourly chart of the BTC/USD pair.

The trend line is near the 61.8% Fib retracement level of the downward move from the $30,448 swing high to the $29,500 low. The first major resistance is near $30,200. A close above the $30,200 level might start a fresh increase.

Source: BTCUSD on TradingView.com

The next major resistance is near the $30,500 level. Any more gains could open the doors for a move toward the $31,000 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,200 resistance, it could continue to move down. Immediate support on the downside is near the $29,650 level.

The next major support is near the $29,500 level, below which the price could gain bearish momentum. In the stated case, the price could drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 level 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 now above the 50 level.

Major Support Levels – $29,650, followed by $29,200.

Major Resistance Levels – $30,100, $30,200, and $30,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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