{"id":158222,"date":"2022-05-25T07:03:33","date_gmt":"2022-05-25T07:03:33","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158222"},"modified":"2022-05-25T07:03:33","modified_gmt":"2022-05-25T07:03:33","slug":"bitcoin-price-analysis-btc-eyes-recovery-above-31k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-analysis-btc-eyes-recovery-above-31k\/","title":{"rendered":"Bitcoin Price Analysis: BTC Eyes Recovery Above $31K"},"content":{"rendered":"
Bitcoin price is struggling below $31,000 against the US Dollar. BTC might extend losses if it stays below the $31,000 and $32,000 resistance levels.<\/em><\/p>\n Bitcoin price failed to clear the $33,000 resistance zone. As a result, BTC started a fresh decline and traded below the key $30,000 support zone.<\/p>\n There was a clear move below the $28,500 level and the 55 simple moving average (4-hours). The price even traded below the $27,000 level. A low is formed near $25,338 before there was a recovery wave. There was a move above the $29,200 resistance zone.<\/p>\n The price even climbed above the 23.6% Fib retracement level of the downward move from the $40,050 swing high to $25,338 low. An immediate resistance on the upside is near the $30,250 level.<\/p>\n There is also a major bearish trend line forming with resistance near $30,250 on the 4-hours chart of the BTC\/USD pair. The next major resistance on the upside is near the $31,000 level. To start another increase, the price must settle above the $31,000 level in the near term.<\/p>\n In the stated case, bitcoin could rise towards the $32,000 resistance or even the 50% Fib retracement level of the downward move from the $40,050 swing high to $25,338 low.<\/p>\n If there is no upside break, the price might start a fresh decline below $30,000. The next key support is near the $28,600 level. Any more losses might call for a test of the $26,500 support zone, where the bulls might take a stand in the near term.<\/p>\n <\/p>\n Bitcoin Price<\/p>\n Looking at the chart, bitcoin price is clearly trading above $30,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $31,000 level.<\/p>\n 4 hours MACD \u2013 The MACD is now gaining momentum in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI is now above the 50 level.<\/p>\n Key Support Levels \u2013 $28,600 and $26,500.<\/p>\n Key Resistance Levels \u2013 $30,250, $31,000 and $32,000.<\/p>\nBitcoin Price Analysis<\/h2>\n
Technical Indicators<\/h2>\n