Bitcoin Price Surges 8% And Defies Gravity – Bulls Eye $30K

2023-06-21 02:50:07

Bitcoin price is surging above $28,000. BTC is up nearly 8% and there are chances of a move toward the $30,000 resistance zone.

Bitcoin is gaining pace above the $27,000 resistance.
The price is trading above $27,500 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $27,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further if it clears the $29,000 and $29,200 resistance levels.

Bitcoin Price Rallies Above $28K

Bitcoin price formed a strong support base above the $26,000 pivot level. BTC started a fresh rally and was able to clear the $27,500 resistance zone.

It opened the doors for a sustained upward move above the $28,000 level. The price even tested the $29,000 resistance zone. A high is formed near $29,000 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent surge from the $26,650 swing low to the $29,000 high.

Bitcoin price is now trading above $27,500 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $27,300 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, the price is facing resistance near the $29,000 level. The next major resistance is near the $29,200 level. A close above the $29,200 resistance might spark another strong move in the near term. The next major resistance is near the $30,000 level, above which the bulls might send BTC toward the $30,800 resistance zone.

Are Dips Limited in BTC?

If Bitcoin’s price fails to clear the $29,000 resistance, it could start a downside correction. Immediate support on the downside is near the $28,450 level.

The next major support is near the $27,850 level or the 50% Fib retracement level of the recent surge from the $26,650 swing low to the $29,000 high. The main support is now near $27,500 and the trend line zone, below which the price might start a steady decline toward $27,000. Any more losses might send the price toward $26,500 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 in the overbought zone.

Major Support Levels – $28,450, followed by $27,850.

Major Resistance Levels – $29,000, $29,200, and $30,000.

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