TA: Bitcoin Trim Losses, Why Bulls Need To Overcome $32.5K For More Upsides

Bitcoin price started a strong upward move from the $29,250 support zone against the US Dollar. BTC must settle above $32,000 and $32,500 for more upsides in the near term. Bitcoin started a strong increase above the $30,000 and $31,000 resistance levels. The price is now trading well above $31,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct gains, but the bulls are likely to remain active near $31,200. Bitcoin Price Surges above $32,000 Bitcoin price found a strong buying interest below the $30,000 level. BTC formed a support base near the $29,300 and it started a major recovery wave. The price surged above the $30,000 and $30,500 resistance levels. There was a clear break above the 61.8% Fib retracement level of the recent downward move from the $31,900 swing high to $29,312 low. There was also a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair. The pair jumped above the $31,500 level and the 100 hourly simple moving average. Finally, there was a break above the $32,000 resistance zone. It tested the $32,500 resistance zone. It seems like the bears were active near the 1.236 Fib extension level of the recent downward move from the $31,900 swing high to $29,312 low. Bitcoin price is now consolidating abov...