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The Bitcoin (BTC) price has increased since August 1. The price broke out after creating a higher low on August 7 and reached $30,000 the next day.

Despite the increase, a positive reaction to the $30,000 area is still required for the trend’s direction to be confirmed as bullish.

Bitcoin (BTC) Price Finally Reaches $30,000

The BTC price has fallen since reaching a high of $38,104 on July 15. The decrease was contained inside a descending parallel channel and culminated with a low of $28,585 on August 1. Despite the drop, the BTC price held above the $28,800 horizontal support area, validating it multiple times (green icons). The bounces created long lower wicks, considered signs of buying pressure. This is especially evident on the August 7 wick.

The price has increased since. It broke out from the parallel channel on August 7 and moved above $30,000 the next day. BTC has not experienced any retracement since breaking out.

However, despite the increase and breakout, BTC still trades below the $30,000 horizontal area. This is a crucial level since it had acted as support since July 24 and has now turned to resistance.

The BTC price has to reclaim in order to confirm that the correction that started on July 15 has ended. The $30,000 area would support the ensuing upward movement in that case.

BTC/USD Six-Hour Chart. Source: TradingView

If that happens, the next resistance will be at $30,560, created by the 0.618 Fib retracement resistance level. This would amount to an increase of 2.10% from the current price.

Since the 0.618 Fib level often acts as the top or bottom of the movement is corrective, an increase above it would suggest that the trend is bullish. On the other hand, a rejection would lead to a drop in the $28,800 support area. This would amount to a decrease of 3.50%.

Source: beincrypto

Cryptocurrency exchanges review:

#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.

#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.

#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.

#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.

#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.

#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.

#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.

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