After a bleak start to the week and a dramatic sell-off yesterday, Bitcoin’s price has finally begun to recover today. As BTC fell below the crucial $30000 support line, a drop to $24,000 was expected, but the flagship crypto has held up well.
Bitcoin soared to a late morning current day high of $30,970.8, avoiding the first key support barrier at $29,055. A continued upward momentum saw BTC surge past the $30821 resistance level.
At the time of writing, BTC is trading at $31462. The bulls are now aiming to surge above the $31500 level to bring the $31833 resistance to play.
Bitcoin might test resistance at $32,000 in the case of a prolonged rally. $33,599 is the third big resistance level. However, if BTC plunges below the $30,067 pivot, $29,005 will be the support to hold.
BTC Price to hit $36K soon
Popular Analyst and Trader Micheal Van De Poppe in his latest Youtube Video charts further levels for Bitcoin Price action.
He says, Considering the present market situation, holders are either looking for shorts or selling their spot positions to buy back lower. Hence, if BTC breaks the $31000 level and $32500 further, a cascade of liquidation of shorts will push the price higher. If this scenario plays out, BTC hitting $36K is quite possible.
“We’ve got many liquidity tabs to take on the upside. We’ve got a first 31K to crack second 32.5 and there’s a ton of liquidity that we probably will be breaking through and then we accelerate towards to watch 36 and probably some more consolidation before we go to $41K. “
He also mentions if BTC does not hold up above $31K and turns it into support, $26K and $24K support levels will come to play.
On the flip side, making a bearish case for Bitcoin is the popular trading mogul Peter Brandt. In a recent Tweet, he presents a Renko Chart. The said chart depicts that The upward trend for BTC came to an end in April, when it reached a high of $64,863 on April 14, and the chart has been negative since then.
“The message here is that when the Renko chart turns from red to green, you better be long in a big way” He further added.