{"id":31049,"date":"2023-10-17T03:52:38","date_gmt":"2023-10-17T07:52:38","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=31049"},"modified":"2023-10-17T03:52:38","modified_gmt":"2023-10-17T07:52:38","slug":"bitcoin-price-key-indicators-suggest-fresh-rally-toward-30k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/17\/bitcoin-price-key-indicators-suggest-fresh-rally-toward-30k\/","title":{"rendered":"Bitcoin Price Key Indicators Suggest Fresh Rally Toward $30K"},"content":{"rendered":"

Bitcoin price spiked toward $30,000 after fake news about spot ETF hit the market. BTC is now consolidating above $28,200 and could rise toward $29,200.<\/em><\/p>\n

Bitcoin is holding gains above the $28,000 and $28,200 levels.
\nThe price is trading above $28,200 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $28,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a clear move above the $28,800 resistance.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price started a strong increase above the $27,500 resistance zone<\/a>. BTC saw a wild increase after fake news about the spot ETF approval hit the market.<\/p>\n

There was a nasty increase above the $28,500 resistance. The price even spiked toward $30,000 before trimming gains. There was a drop below the $29,200 and $28,800 support levels. The price even declined below the 50% Fib retracement level of the upward move from the $26,820 swing low to the $30,000 high.<\/p>\n

Bitcoin price is now trading above $28,200 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $28,000 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $26,820 swing low to the $30,000 high.<\/p>\n

On the upside, immediate resistance is near the $28,600 level. The next key resistance could be near $28,800. A clear move above the $28,600 and $28,800 resistance levels could set the pace for a larger increase. The next key resistance could be $29,200.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $29,200 resistance might start a steady increase toward the $29,500 level. Any more gains might send BTC toward the $30,000 level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $28,800 resistance zone, it could slide further. Immediate support on the downside is near the $28,000 level and the trend line zone.<\/p>\n

The next major support is near the $27,800 level. A downside break and close below the $27,800 support might send the price further lower. The next support sits at $27,200 and the 100 hourly Simple moving average.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,800.<\/p>\n

Major Resistance Levels \u2013 $28,600, $28,800, and $29,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price spiked toward $30,000 after fake news about spot ETF hit the market. BTC is now consolidating above $28,200 and could rise toward $29,200.<\/em><\/p>\n

Bitcoin is holding gains above the $28,000 and $28,200 levels.
\nThe price is trading above $28,200 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $28,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if there is a clear move above the $28,800 resistance.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price started a strong increase above the $27,500 resistance zone<\/a>. BTC saw a wild increase after fake news about the spot ETF approval hit the market.<\/p>\n

There was a nasty increase above the $28,500 resistance. The price even spiked toward $30,000 before trimming gains. There was a drop below the $29,200 and $28,800 support levels. The price even declined below the 50% Fib retracement level of the upward move from the $26,820 swing low to the $30,000 high.<\/p>\n

Bitcoin price is now trading above $28,200 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $28,000 on the hourly chart of the BTC\/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $26,820 swing low to the $30,000 high.<\/p>\n

On the upside, immediate resistance is near the $28,600 level. The next key resistance could be near $28,800. A clear move above the $28,600 and $28,800 resistance levels could set the pace for a larger increase. The next key resistance could be $29,200.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $29,200 resistance might start a steady increase toward the $29,500 level. Any more gains might send BTC toward the $30,000 level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to rise above the $28,800 resistance zone, it could slide further. Immediate support on the downside is near the $28,000 level and the trend line zone.<\/p>\n

The next major support is near the $27,800 level. A downside break and close below the $27,800 support might send the price further lower. The next support sits at $27,200 and the 100 hourly Simple moving average.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,800.<\/p>\n

Major Resistance Levels \u2013 $28,600, $28,800, and $29,200.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-31049","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=31049"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/31049\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=31049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=31049"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=31049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}