Bitcoin price traded to a new monthly high at $13,352 before correcting lower against the US Dollar. BTC is currently trading nicely above the 100 hourly SMA and it could attempt another increase.
- Bitcoin is trading nicely above the $12,800 and $13,000 support levels.
- The price is holding gains above the 100 hourly simple moving average, with a positive angle above towards $13,300.
- There is a crucial bullish trend line forming with support near $12,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher as long as it is above the 100 hourly SMA and $12,800.
Bitcoin Price Is Showing Positive Signs
Bitcoin price remained well bid above the 13,000 resistance and extended its rise. BTC even broke the last high at $13,250 and traded to a new monthly high at $13,352.
Recently, there was a downside correction and the price broke the $13,000 support. The decline found support near the $12,800 zone and the 100 hourly simple moving average. There is also a crucial bullish trend line forming with support near $12,900 on the hourly chart of the BTC/USD pair.
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