TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial

May 13, 2022 04:00 am Cryptocurrency 198

Bitcoin dived towards the $25,000 support zone against the US Dollar. BTC is now recovering and might eye an upside break above the key $30,000 resistance zone.

Bitcoin found support above $25,000 and started an upside correction.

The price is still trading below $30,000 and the 100 hourly simple moving average.

There is a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair must clear the $30,000 barrier to move into a positive zone and started a real recovery.

Bitcoin Price Starts Recovery

Bitcoin price remained in a bearish zone below the $30,000 support zone. BTC extended its decline and traded below the $28,000 level.

There was a spike below the $26,000 level and the price traded to a new multi-month low at $25,332. A base was formed above $25,000 and the price started a fresh upward move. There was a clear move above the $26,500 and $27,500 resistance levels.

The price climbed above the 50% Fib retracement level of ..

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