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

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 the recent decline from the $32,130 swing high to $25,332 low. However, it is still trading below $30,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $30,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $30,500 zone and the 100 hourly simple moving average. It is near the 76.4% Fib retracement level of the recent decline from th...