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Bitcoin is on its way to recovery by crossing the $31k price level after more than 2 weeks of struggle. Will Bitcoin continue its recovery or fall again?
Bitcoin is trading above $31.5k with more than a 3% gain over the last 24 hours. According to the data from CoinMarketCap, the price of BTC has remained in a range of $28k-$31k. The crypto enthusiasts are happy to see that Bitcoin is on its way to recovery. But, let me tell you there’s still a negative trend that can impact this bullish market. Let’s see the technical analysis to predict the next move of the flagship currency.
Bitcoin is on its way to recovery
Bitcoin 1H chart shows that Bitcoin is making bullish moves with strong support above the $29k price mark. For the first time in 9 weeks of the bearish cycle, RSI reached 84 and Bitcoin is continuing its journey to $35k. As shown in the figure, we have a resistance above the $33k price level, and then above $35k.
The resistance at $30.5k has become support now and we might see a short correction to this price level. But in the long term, things are going to recover. 50EMA is above 100 EMA in the 1H timeframe showing a bullish pattern.DYOR.
