Bitcoin has achieved a level of stability after following a long rally and trend in the market. The support zone was $21,300 against USD. A stable increase after hourly 100 SMA can help Bitcoin to cross the stability level. Even though the price is hovering around $30,000, Bitcoin has formed a base below 100 simple moving averages.
Even though the price of Bitcoin was able to cross the resistance level of $20,000, the price couldn’t rally higher after showing a positive note. According to market experts, the price of Bitcoin can gain momentum if the price rallies over the level of $20,500.
Highlights:
- The 100 hourly simple moving average charts of Bitcoin saw a break in the bullish trend with the support of around $21,000.
- In addition, if Bitcoin is unable to climb the level of resistance, it can slide down breaking the support level.
- If Bitcoin successfully crosses the resistance level of $21,700, the market traders or investors can see the graph moving upward.
- Other cryptocurrencies like Polkadot, Binance coin, Ethereum, etc., are also following the instability trend as compared to the consistent increase in price in 2021.
Conclusion
In the end, the price of Bitcoin has been the talk of the town ever since the market saw a dip. Approximately 30% dip was witnessed as compared to the 30% rise in the price last year in 2021. However, the final break at approximately 23% level of Fibonacci retracement has raised the expectations in the market.
