Bitcoin price has surged towards the $30,000 mark after fake news regarding the approval of a spot ETF spread in the market. Currently, BTC is consolidating above the $28,200 level and could potentially rise towards $29,200.

Summary

Bitcoin price is showing signs of a fresh rally towards $30,000 after a surge triggered by misinformation about a spot ETF approval. The price is currently consolidating above the $28,200 level, with key indicators supporting a potential rise towards $29,200.

Bitcoin Price Aims Higher

Bitcoin experienced a significant increase above the $27,500 resistance level in response to misleading news about a spot ETF approval. The price rallied to nearly $30,000 before retracing its gains. It momentarily fell below the $29,200 and $28,800 support levels, even dipping below the 50% Fib retracement level.

Currently, bitcoin price is trading above $28,200 and is supported by the 100 hourly Simple Moving Average. Furthermore, there is a key bullish trend line forming with support near $28,000 on the BTC/USD hourly chart. This trend line coincides with the 61.8% Fib retracement level.

In terms of resistance, immediate levels to watch are $28,600 and $28,800. Breaking above these levels could pave the way for a larger increase, with the next significant resistance sitting at $29,200. A close above this level may indicate a steady rise towards $29,500, and potentially, the $30,000 mark.

Source: BTCUSD on TradingView.com

Another Decline in BTC?

If bitcoin fails to surpass the $28,800 resistance zone, a further slide could be expected. Immediate support on the downside is near the $28,000 level and the trend line zone. The next major support lies at around $27,800, and a break below this level may push the price lower. The 100 hourly Simple Moving Average also offers support at $27,200.

Technical Indicators

– Hourly MACD: The MACD is currently gaining momentum in the bullish zone.

– Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 level.

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

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

FAQs

What caused the recent surge in bitcoin price?

The recent surge in bitcoin price was triggered by fake news about the approval of a spot ETF. However, the market quickly corrected itself as the news turned out to be false.

What are the key indicators suggesting a potential rally towards $30,000?

The key indicators suggesting a potential rally towards $30,000 include bitcoin’s consolidation above the $28,200 level, its trading above the 100 hourly Simple Moving Average, and the formation of a bullish trend line with support near $28,000 on the BTC/USD hourly chart.

What are the immediate resistance levels to watch?

The immediate resistance levels to watch are $28,600 and $28,800. Breaking above these levels could lead to a larger increase in price.

What are the major support levels if bitcoin’s price declines?

The major support levels if bitcoin’s price declines are $28,000, followed by $27,800. A break below $27,800 may further push the price lower towards $27,200.