• Bitcoin (BTC/USD) maintained positive momentum early in the Asian session as it surged to its highest level since June 2022.
• Bulls are eyeing price objectives around 30127.80, 29244.66, 29639.37 and 31477.37 levels, while strong support is observed around 25948 and 25756 levels.
• Technical indicators on both 4-hourly and hourly charts suggest a bullish trend for BTC/USD pair.
BTC/USD at Fresh Multi-Month Highs
Bitcoin (BTC/USD) surged to its highest level since early June of 2022 in the Asian session, trading near the 29190.04 area. The technical support around 26525 has solidified the recent move higher, which is around 23.6% retracement of the appreciating range from 19568.52 to 28937.93.
Bulls Eyeing Uptrend Targets
The bulls are increasingly looking towards 30127.80 as an upside price target due to buying pressure around 15460 and 19568.52 levels respectively; other possible uptrend targets include 29244×66, 29639×37, 30275×12, 30763×09 and 31477×37 levels with stronger long positions aiming for 34658 and 35821 levels respectively..
Retracement Levels & Potential Support
In case of any retrenchment in prices, potential technical support can be observed at 25948, 25756 and 25358 levels; further down 24253, 24099 and 23789 may also provide additional support along with 23147, 22605 and 22198 areas respectively if needed .
Technical Indicators Signal Bullish Trend
The 50-bar MA (4-hourly) is bullishly above 100-bar MA (4-hourly) as well as 200-bar MA (4-hourly). The 50 bar MA (Hourly) is also above 100 bar MA (Hourly) as well as 200 bar MA (Hourly). Prices are currently nearest to 50 bar MA (4 Hourly) at 27840×07 and 50 bar MA(Hourly) at 27976×31 respectively suggesting a bullish trend ahead according to these technical indicators .
Disclaimer
This analysis should not be used for legal or financial advice; it only reflects the views of Crypto Daily .