Saturday, February 4, 2023

CRYPTO NEWS – Bitcoin Forms Bullish Pattern, Why Break Above $31.5K Is The Key – Bitcoin Price


CRYPTO NEWS – Bitcoin Forms Bullish Pattern, Why Break Above $31.5K Is The Key – Bitcoin Price
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin News Today
03:15 Ethereum News
04:27 Bitcoin Technical Analysys
05:12 Bitcoin Price Prediction
09:34 Outro
Bitcoin remained strong above the $29,500 support against the US Dollar. BTC could start a major increase if there is a clear move above the $31,500 resistance.

Bitcoin started a fresh increase from the $29,500 support zone.
The price is now trading above the $30,000 level and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major upward move if there is a clear move above the $31,500 resistance.
Bitcoin Price Reverses Losses
Bitcoin price remained well bid above the $29,200 and $29,500 levels. A low was formed near $29,200 and the price started a fresh increase. There was a clear move above the $30,000 resistance zone.

The bulls were able to pump the price above the $30,500 level and the 100 hourly simple moving average. It even surged above the $31,000 level and even tested the $31,500 resistance zone. A high is formed near $31,550 and the price is now consolidating gains.

It already tested the 23.6% Fib retracement level of the recent increase from the $29,200 swing low to $31,550 high. An immediate resistance on the upside is near the $31,400 level.

There is also a key bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair. The first major resistance is near the $31,500 level. A clear move above the $31,500 resistance level could send the price further higher.



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