Bitcoin Recaptures $30,000 High And Targets $31,149

Bitcoin (BTC) price is in the process of recapturing the psychological price barrier of $30,000.

Bitcoin price long-term forecast: bullish

The resistance at $30,000 was broken about 48 hours ago, but the bullish momentum was short-lived. The largest cryptocurrency encountered rejection at $30,575 and subsequently fell to a low of $29,677. As the bulls bought the dips, the BTC price has started to rise again. At the time of writing, one Bitcoin costs $30,056. On the positive side, the BTC price will rise if buyers can overcome the resistance of $30,575. According to the price indicator, Bitcoin will reach a new all-time high of $31,149. However, if it breaks either the $28,000 or the 21-day support SMA, the Bitcoin price could fall. The cryptocurrency will lose value and reach a low of $26,000. 

Bitcoin indicator display

With a Relative Strength Index value of 68 for period 14, Bitcoin is in a bullish momentum. The price of BTC is likely to rise, but it is approaching the overbought area of the market. The price bars have consistently moved above the moving average lines, suggesting that the price will continue to rise. Bitcoin has bullish momentum above the 50 level of the daily stochastic.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What is the next direction for BTC/USD?

Bitcoin has moved back up after its recent decline. Cryptocurrency prices have crossed the psychological ceiling of $30,000. According to the Fibonacci calculator, BTC will rise but reverse at the Fibonacci extension value of 1.272 or $31,149. Based on the price trend, it seems that the BTC price is circling above the $30,100 support.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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