Traders expect a new jump in Bitcoin. For it to do so, it needs to overcome the resistance zone when its value against the U.S. dollar reaches $31,500.
Currently, Bitcoin’s exchange rate varies between $29,848 and $31,550. The top trending figures are as high as $30,850, but the main resistance zone rests at $31,250. If Bitcoin can break through this ceiling, it will have a strong jump ahead. The next resistance zone is $32,000. And there and not far to the growth in the range up to $33,200.
But if it is not possible to overcome the first resistance zone, a further decrease is expected. Currently, the lower resistance zone is around $30,000. Also, the scenario when the lower support zone can go down to $29,500 is possible. In such a scenario, a further decline could result in Bitcoin dropping to $28,500.
Lately, Bitcoin’s growth dynamics have been stable. According to Kraken, a tapering triangle is forming on the hourly chart between Bitcoin and the dollar, indicating that Bitcoin is approaching the maximum level of resistance.
According to recent data, major resistance levels in recent days have ranged in a triangle between $30,400, $30,850, and $31,250. For analytics on Bitcoin’s recent fluctuations, read our other Bitcoin-related stories.