Bitcoin

Bitcoin Trim Losses, Why Bulls Need To Overcome $32.5K For More Upsides

Bitcoin price started a strong upward move from the $29,250 support zone against the US Dollar. BTC must settle above $32,000 and $32,500 for more upsides in the near term.

Bitcoin started a strong increase above the $30,000 and $31,000 resistance levels.
The price is now trading well above $31,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct gains, but the bulls are likely to remain active near $31,200.

Bitcoin Price Surges above $32,000
Bitcoin price found a strong buying interest below the $30,000 level. BTC formed a support base near the $29,300 and it started a major recovery wave.
The price surged above the $30,000 and $30,500 resistance levels. There was a clear break above the 61.8% Fib retracement level of the recent downward move from the $31,900 swing high to $29,312 low. There was also a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair.
The pair jumped above the $31,500 level and the 100 hourly simple moving average. Finally, there was a break above the $32,000 resistance zone.
It tested the $32,500 resistance zone. It seems like the bears were active near the 1.236 Fib extension level of the recent downward move from the $31,900 swing high to $29,312 low. Bitcoin price is now consolidating above the $31,500 level.

Source: BTCUSD on TradingView.com
The first major resistance is near the $32,500 level. If there is a close above the $32,500 resistance zone, the price is likely to accelerate higher. In the stated case, the price is likely to move towards the $33,500 level in the near term.
Dip Supported in BTC?
If bitcoin fails to climb above the $32,300 and $32,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $31,500 level.
The first major support is now near the $31,200 zone. A clear downside break below the $31,200 support may possibly put a lot of pressure on the bulls. The next key support is seen near the $30,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $31,500, followed $31,200.
Major Resistance Levels – $32,200, $32,500 and $33,000.

bitcoin
Bitcoin (BTC) $ 37,741.11
ethereum
Ethereum (ETH) $ 2,037.82
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 227.32
xrp
XRP (XRP) $ 0.603083
solana
Solana (SOL) $ 59.36
usd-coin
USDC (USDC) $ 0.999357
staked-ether
Lido Staked Ether (STETH) $ 2,037.83
cardano
Cardano (ADA) $ 0.375693
dogecoin
Dogecoin (DOGE) $ 0.083437
tron
TRON (TRX) $ 0.103478
the-open-network
Toncoin (TON) $ 2.39
chainlink
Chainlink (LINK) $ 14.39
avalanche-2
Avalanche (AVAX) $ 21.01
matic-network
Polygon (MATIC) $ 0.768185
polkadot
Polkadot (DOT) $ 5.46
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,711.10
dai
Dai (DAI) $ 0.999306
litecoin
Litecoin (LTC) $ 69.43
shiba-inu
Shiba Inu (SHIB) $ 0.000008
uniswap
Uniswap (UNI) $ 5.91
bitcoin-cash
Bitcoin Cash (BCH) $ 222.15
leo-token
LEO Token (LEO) $ 3.98
okb
OKB (OKB) $ 56.16
stellar
Stellar (XLM) $ 0.118072
monero
Monero (XMR) $ 169.97
true-usd
TrueUSD (TUSD) $ 0.997952
kaspa
Kaspa (KAS) $ 0.127977
cosmos
Cosmos Hub (ATOM) $ 9.30
ethereum-classic
Ethereum Classic (ETC) $ 18.59
crypto-com-chain
Cronos (CRO) $ 0.090407
lido-dao
Lido DAO (LDO) $ 2.34
filecoin
Filecoin (FIL) $ 4.38
internet-computer
Internet Computer (ICP) $ 4.48
hedera-hashgraph
Hedera (HBAR) $ 0.060077
thorchain
THORChain (RUNE) $ 6.54
aptos
Aptos (APT) $ 6.95
near
NEAR Protocol (NEAR) $ 1.86
mantle
Mantle (MNT) $ 0.540046
binance-usd
BUSD (BUSD) $ 0.999392
immutable-x
Immutable (IMX) $ 1.28
bittensor
Bittensor (TAO) $ 273.35
vechain
VeChain (VET) $ 0.021349
injective-protocol
Injective (INJ) $ 17.96
optimism
Optimism (OP) $ 1.67
quant-network
Quant (QNT) $ 99.07
aave
Aave (AAVE) $ 97.33
maker
Maker (MKR) $ 1,526.42
the-graph
The Graph (GRT) $ 0.142612
arbitrum
Arbitrum (ARB) $ 1.01