Bitcoin Surges to $32,850 High, Can Bulls Sustain the Upturn?

The price of Bitcoin (BTC) has risen to a high of $32,850 after a strong surge above the $29,400 support level. Today, the cryptocurrency is consolidating above the $32,000 support for further upside momentum.

In the previous price action, bitcoin nearly crashed to the lows of $28,000 and $20,000. However, the bulls bought the dips as Bitcoin bounced back above the $29,400 support. On the upside, the current bullish momentum is likely to extend to the $34,000 high.

However, BTC/USD may face resistance at the resistance zone between $34,400 and $35,000. Nonetheless, the BTC price can continue to rise to the high at $37,000 if the bulls break the resistance zone at $35,000. If the buyers can not break the $35,000 resistance zone, Bitcoin will fall again. The bears will try to bring Bitcoin down to the lows of $28,000 and $20,000. In the meantime, Bitcoin is trading above the $32,000 support for a possible upside move.

Bitcoin indicator reading

BTC price is at level 45 of the Relative Strength Index of period 14. It indicates that Bitcoin is in the bearish trend zone and below the midline 50. The market is above the 80% area of the daily stochastic. It indicates that the cryptocurrency is in the overbought region of the market. This indicates that Bitcoin will fall in the near future.

Technical indicators:

Major Resistance Levels – $65,000 and $70,000

Major Support Levels – $40,000 and $35,000

What is the next direction for BTC/USD?

Bitcoin price has resumed its bullish momentum to the upside. On the 4-hour chart, the BTC price has broken out above the moving averages, indicating a possible upside move for the coin. Meanwhile, on July 21 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that bitcoin will rise but reverse at the 1,272 Fibonacci extension level or $33,727.50 level.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: https://coinidol.com/bitcoin-32850-high/