BTC Technical Analysis: BTC Back Above $30, Prepares to Stay

BTC prices find a sudden increase in bullish momentum as it regains the $30K mark and prepares a bull run to $33K. Should you join the buying spree? Key technical points: BTC prices have increased by 4.59% in the last 24 hours. The fast line touches the slow line to give a bullish crossover. The 24-hour trading volume of Bitcoin is $34.16 Billion, reflecting a 12% rise. Past Performance of BTC The early May sell-off in the largest cryptocurrency-Bitcoin breached a significant psychological level of $30000. As a result, the extended correction slumped the price to a new lower low of $27600. However, after that, the BTC price began to spiral above the low it had just set and started the consolidation stage. Furthermore, to bearish surprise, the price of Bitcoin is up 5% today and is trying to get back $33080. However, the resistance aligned with the descending trendline, and 50 EMA could weaken the rally to recover. Source-Tradingview BTC Technical Analysis After approaching the 50-day EMA, we can see a halt in the downtrend and an increased number of bullish breakout attempts above $0.075. The recent effort shows a 4.76% bullish engulfing candle breaching the 200-day EMA with increased trend momentum. The crucial daily EMAs maintain a downtrend, with the recent 100 and 50-day EMAs providing dynamic resistance to bullish reversal attempts. The RSI indicator reflects a boom in bullish impact on the price direction as the RSI rise...