{"id":28621,"date":"2022-05-31T03:32:23","date_gmt":"2022-05-31T07:32:23","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28621"},"modified":"2022-05-31T03:32:28","modified_gmt":"2022-05-31T07:32:28","slug":"bitcoin-retests-32000-why-a-dips-still-remains-attractive-for-the-short-term","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-retests-32000-why-a-dips-still-remains-attractive-for-the-short-term\/","title":{"rendered":"Bitcoin Retests $32,000, Why A Dips Still Remains Attractive For The Short Term"},"content":{"rendered":"\n<p>Bitcoin started a new rally and surpassed $31,000 against the US Dollar. <a href=\"https:\/\/coinscreed.com\/staging\/bitcoin-btc-records-nine-consecutive-weeks-of-losses.html\" target=\"_blank\" rel=\"noreferrer noopener\">BTC <\/a>could correct gains but dips could remain well supported above $30,800.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-220.png\" alt=\"Bitcoin Retests $32,000, Why A Dips Still Remains Attractive For The Short Term | Coinscreed\" class=\"wp-image-28624\" width=\"800\" height=\"450\" \/><figcaption>BTC<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Bitcoin is gaining pace above the $30,500 and $31,000 resistance levels.<\/li><li>The price is now trading above the $31,000 level and the 100 hourly simple moving average.<\/li><li>There is a connecting uptrend line forming with support near $31,250 on the hourly chart of the BTC\/USD pair (data feed by Kraken).<\/li><li>The pair could surge higher if it breaks the $32,200 resistance zone.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin price surges 5%<\/h2>\n\n\n\n<p>Bitcoin price stayed well above the $30,000 pivot level. It formed a base and started a fresh rise above the $30,500 resistance zone.<\/p>\n\n\n\n<p>The price gained pace above the $31,200 resistance zone and remained well above the 100-hourly simple moving average. Finally, there was a surge above the $32,000 level, and the price traded as high as $32,186. It now corrects gains below $32,000.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/image-219-1024x472.png\" alt=\"Bitcoin Retests $32,000, Why A Dips Still Remains Attractive For The Short Term | Coinscreed\" class=\"wp-image-28623\" width=\"800\" height=\"450\" \/><\/figure>\n\n\n\n<p>There was a move below the 23.6% <a href=\"https:\/\/en.wikipedia.org\/wiki\/Fibonacci_retracement\" target=\"_blank\" rel=\"noreferrer noopener\">Fibonacci retracement level<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> from the bullish move from the $30,234 low to the $32,186 high. However, there is a connecting uptrend line forming with support near $31,250 on the hourly chart of the BTC\/USD pair.<\/p>\n\n\n\n<p>Immediate resistance on the upside is near $32,200. The next major resistance is near $32,200. A clear move above the $32,200 resistance level might require another rise. In the mentioned case, the price might even eliminate the $32,500 resistance. The next major resistance is near $33,400.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Any retracement levels to look out for?<\/h2>\n\n\n\n<p>If bitcoin fails to clear the $32,200 resistance zone, it could start a downside correction. Immediate support on the downside is near $31,500. The first <a href=\"https:\/\/coinscreed.com\/staging\/heres-the-major-reason-behind-bitcoin-btc-tumble-to-35k.html\" target=\"_blank\" rel=\"noreferrer noopener\">major support<\/a> is near $31,250 and the trendline. It is near the 50% Fibonacci retracement level of the bullish move from the $30,234 low to the $32,186 high.<\/p>\n\n\n\n<p>A major support is now forming near the $30,800 level. A break below the $30,800 support could put severe pressure on the bulls. In the mentioned case, the price might revisit the $30,000 support zone perhaps in the short term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technical Indicators<\/h2>\n\n\n\n<p>Hourly MACD \u2013 The MACD is now losing momentum in the bullish zone.<\/p>\n\n\n\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 60 level.<\/p>\n\n\n\n<p>Major Support Levels \u2013 $31,250 followed by $30,800.<\/p>\n\n\n\n<p>Major Resistance Levels &#8211; $32,200, $32,200 and $33,400.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin started a new rally and surpassed $31,000 against the US Dollar. BTC could correct gains but dips could remain well supported above $30,800. Key takeaways Bitcoin is gaining pace above the $30,500 and $31,000 resistance levels. The price is now trading above the $31,000 level and the 100 hourly simple moving average. There is [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":28626,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[152,10360],"class_list":["post-28621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-btcusd-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/015t2XCInYI4JmscpwIFyrH-1-1.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28621"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/28626"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}