Bitcoin kick-started upside moves after discovering support beyond $25K.
- BTC trades beneath $30K and 100hr SMA.
- BTC's one-hour chart shows a critical bearish line developing with $30K as resistance.
- Overcoming the $30K barrier will put Bitcoin in an optimistic region before launching a reliable recovery.
Bitcoin saw its price crashing towards the support zone of $25K. The leading crypto sees recovery and might keep the resistance at $30K away soon.
BTC Price Launches Recovery
Bitcoin price explored a bearish territory beneath the $30K foothold. The bellwether crypto stretched lows to the $28K mark. Meanwhile, it even crashed to $26K before trading at new multi-month lows at $25,332. Nevertheless, BTC printed a base beyond $25K and started upside movements. An impressive leg up saw Bitcoin surpassing the resistance levels at $26.5K and $27.5K.
The asset surged past the 50% Fibonacci retracement of the latest plummet from $32,130 to $25,332. The leading cryptocurrency seemed ready to keep the $30K and 100hr SMA away. Nevertheless, the 1hr chart shows a massive bearish line emerging with $30K as resistance. Another hurdle stands at $30.5K and 100hr SMA. This region stands near the 76.4% Fibonacci retracement zone of the latest fall between $32,130 and $25,332.
A decisive move beyond $30K and $30.5K resistance zones could trigger new surges in the upcoming sessions. Bitcoin will encounter another challenging hurdle at $31.5K, beyond which it would explore levels past $32K.
New Plummets in Bitcoin?
Bitcoin should keep the $30K level away to avoid new downward actions. Weakness at this zone will see it hitting the immediate foothold around the $28.8K mark. Another crucial support for the bellwether crypto stands at $27,650. Meanwhile, breaching this zone will welcome accelerated losses. Another support might appear at $26.2K, beneath which bears could eye the barrier at $25.5K.
Nevertheless, the crypto market sees an improved mood today. Most tokens joined Bitcoin's uptrend, somewhat escaping the massive bearish wave that plagued the cryptocurrency spectrum within the past couple of days. Bitcoin has all it needs to overpower levels around the $30K region.
What are your thoughts about Bitcoin's leg up after the massive crash? Can it sustain the uptrends? Comment below.
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