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Bitcoin worth spiked towards $30,000 after faux information about spot ETF hit the market. BTC is now consolidating above $28,200 and will rise towards $29,200.

• Bitcoin is holding positive factors above the $28,000 and $28,200 ranges.
• The worth is buying and selling above $28,200 and the 100 hourly Simple shifting common.
• There is a key bullish pattern line forming with help close to $28,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a recent enhance if there’s a clear transfer above the $28,800 resistance.

Bitcoin Price Aims Higher

Bitcoin worth began a powerful enhance above the $27,500 resistance zone. BTC noticed a wild enhance after faux information concerning the spot ETF approval hit the market.

There was a nasty enhance above the $28,500 resistance. The worth even spiked towards $30,000 earlier than trimming positive factors. There was a drop under the $29,200 and $28,800 help ranges. The worth even declined under the 50% Fib retracement stage of the upward transfer from the $26,820 swing low to the $30,000 excessive.

Bitcoin worth is now buying and selling above $28,200 and the 100 hourly Simple moving average. There can also be a key bullish pattern line forming with help close to $28,000 on the hourly chart of the BTC/USD pair. The pattern line is close to the 61.8% Fib retracement stage of the upward transfer from the $26,820 swing low to the $30,000 excessive.

On the upside, quick resistance is close to the $28,600 stage. The subsequent key resistance may very well be close to $28,800. A transparent transfer above the $28,600 and $28,800 resistance ranges may set the tempo for a bigger enhance. The subsequent key resistance may very well be $29,200.

Source: BTCUSD on TradingView.com

A detailed above the $29,200 resistance would possibly begin a gradual enhance towards the $29,500 stage. Any extra positive factors would possibly ship BTC towards the $30,000 stage.

Another Decline In BTC?

If Bitcoin fails to rise above the $28,800 resistance zone, it may slide additional. Immediate help on the draw back is close to the $28,000 stage and the pattern line zone.

The subsequent main help is close to the $27,800 stage. A draw back break and shut under the $27,800 help would possibly ship the worth additional decrease. The subsequent help sits at $27,200 and the 100 hourly Simple shifting common.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $28,000, adopted by $27,800.

Major Resistance Levels – $28,600, $28,800, and $29,200.