Crypto News Today – Bitcoin (BTC) Consolidates Above $30,000 after Collapse
Bitcoin Has Been Declining For Six Weeks in a Row: (1:11)
Tide Turning Changes: (3:15)
Crypto News: (4:12)
Bitcoin Price: (5:41)
Ethereum Price: (6:15)
Bitcoin (BTC) rose slightly after collapsing under $30,000 and formed its first short-term rising low.
Bitcoin has been rising inside an ascending parallel channel since January 21. BTC had been consolidating inside that channel for almost five months and finally made a bearish breakout on May 5. On May 10 the market reached the low of 2022 at $29,730.
This low was formed inside the $30,500 horizontal support area. The price then rebounded from it.
On the daily chart, you can see signals of a potential bullish RSI divergence, but they have not yet been confirmed.
If the divergence can be a catalyst for BTC growth, the next closest resistance will come into play at $36,900. This is the Fibo level of 0.382 retracement of the entire bearish move. In addition, the support line of the aforementioned channel passes here.