The post Bitcoin Stands Strong Above $29,000; Here Are the Events That May Impact the BTC Price! appeared first on Coinpedia Fintech News
As the prices of the major cryptos have wildly fluctuated, a fierce battle between bulls and bears has begun. The Bitcoin price appears to be highly volatile at the moment, which projects higher targets for the crypto. However, the price is believed to intensify its trend soon and undergo giant price action in the next couple of days.
BTC price flipped from the lower support, which collides along the lower ascending trend line, which is offering a strong base for the crypto in times of bearish actions. Presently, the BTC price has surged way ahead of the trend line, and hence, even if the bearish action kicks in, these levels may offer the required base to rebound. But will the BTC price face an interim pullback?
The Bitcoin price has been reacting to external events. The PCE index is about to be released at 8:30 a.m. EST, and the core PCE is the inflation metric preferred by the FEDS. Therefore, the upcoming index is believed to act as an economic indicator that can move the entire market. However, the BTC price is still believed to rise as the volume has soared above $30 billion after hovering below those levels for nearly a month.
The RSI is rising, and hence the price is believed to maintain a healthy upswing and surge beyond the interim resistance at $30,024 initially. The price here is believed to remain consolidated for a while, beyond which a healthy upswing may raise the levels above $31,063 before the end of the monthly trade. However, the bears may jump in as the price reaches beyond $30,000, but the bulls appear to be poised to maintain a healthy upswing.
Key Levels to Keep a Close Watch:
Moving Average (MA)-50: $27,665.59
Moving Average (MA)-200: $21,650 .81
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