Bitcoin Rockets Towards A Bull Run

Bitcoin's price is quickly going up past $28,000, an 8% increase, making people hope it might reach $30,000.

Bitcoin managed to get past the $27,000 barrier. It's trading above $27,500, which is a lot higher than the 100 hourly Simple moving average. You can see a noticeable trend of growth on the hourly chart of the Bitcoin to US Dollar pair (BTC/USD data from Coinpaprika), supported around $27,300. If it can get past the resistance at $29,000 and $29,200, it could go even higher.

Bitcoin's strong growth over $28K is based on solid support at $26,000. Bitcoin's recent growth allowed it to pass the $27,500 barrier, setting up for more growth beyond $28,000. The price even hit $29,000, with the top point close to this number. It's trading above the 23.6% Fib retracement level after its recent jump from $26,650 to $29,000.

Bitcoin is trading above $27,500 and the 100 hourly Simple moving average. You can see a strong upward trend line, with support at $27,300, on the BTC/USD pair's hourly chart. But there's a barrier at $29,000. The next big barrier is at $29,200. If it can get past that, it might trigger another big increase. The big resistance at $30,000 might open the way towards $30,800.

Will Bitcoin's drops be limited? If Bitcoin can't get past the $29,000 barrier, it might start to fall. The immediate support level is around $28,450.

More support is at the $27,850 level or the 50% Fib retracement level after its recent jump from $26,650 to $29,000. The main support is at $27,500 and the trend line area. If it falls below this, it might slowly fall towards $27,000, and further losses could push it down to $26,500.