Bitcoin News: Yesterday we witnessed an upward attack of Bitcoin buyers. BTC/USDT, which fell below $30,000, rose to $32,800. The B Word conference catalyzed the response reception from the lows.
Tesla founder, Twitter CEO Jack Dorsey, along with other industry figures, met to talk about cryptocurrencies. Bitcoin price gained upward traction after Musk announced that SpaceX owns Bitcoin and plans to hold it long-term. The billionaire said that in addition to Bitcoin, he also owns Ethereum and Dogecoin.
Bitcoin price recovery slows
During the B Word Conference, Bitcoin’s thriving technical levels found support as positive sentiments were voiced, but the bulls seem to have stuck with the $32,000 resistance. A break above a falling wedge considered extremely important confirmed the uptrend.
As the wedge pattern formed, Bitcoin volume decreased significantly, resulting in consolidation. A breakout from the pattern is usually on the upside and is confirmed when the price breaks the resistance at the upper trendline. The increase in volume adds confidence to the bullish outlook as buyers move to take advantage of rising prices.
BTC/USD four-hour chart
Resistance at the 100 Simple Moving Average (SMA) cut short the uptrend, initiating a correction. BTC is trading marginally below $32,000, with bulls struggling to secure higher support at the time of writing.
The 50 SMA is there to provide much-needed support, preventing possible losses to $30,000 and $29,000 respectively. Despite the delay in the recovery above $32,000, the MACD remains bullish, indicating that the uptrend may continue.
Bitcoin Price Intraday Levels
Spot rate: $32,147
Trend: Slightly Bearish
Support: 50 SMA
Resistance: 100 SMA and $34,000