Crypto News Today – Bitcoin (BTC) Consolidates Above $30,000 after Collapse

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Crypto News Today – Bitcoin (BTC) Consolidates Above $30,000 after Collapse
⏰ Timestamps
Intro: (0:00)
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)
Outro: (07:42)
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.
#crypto #bitcoin

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