Bitcoin Price Analysis: BTC bulls need to crack $33K to revive the upside momentum
|- BTC/USD struggles between key HMAs on the road to recovery.
- RSI points higher, now eyeing to reclaim the bullish region.
- Acceptance above $33K is needed to extending the bounce.
Bitcoin (BTC/USD) is making minor recovery attempts on the $31K level, having dipped to fresh daily lows sub-$30K threshold.
The no. 1 coin remains pressured so far this Tuesday, consolidating the corrective slide from record highs of $34,799 reached Sunday. The bears have failed to find acceptance under the $30K mark, keeping the upside bias intact in the most favorite digital asset.
BTC/USD: Hourly chart
As observed in the hourly chart, the Bitcoin buyers are trying hard to recapture the critical barrier around $31,480, which is the confluence of the horizontal 21 and 100-hourly moving average (HMA).
Acceptance above the latter could put the $32K hurdle at risk once again. A sustained break above that level could expose the 50-HMA at $32,368.
The bulls need to clear the above resistance in order to regain the $33K mark. The recent bullish momentum is likely to resume only on a breakthrough the latter, opening doors for a retest of the record highs.
The hourly Relative Strength Index (RSI) is inching higher, looking to enter into the bullish territory above 50.00.
Alternatively, the $30K cushion could once again come to the bulls’ rescue, failure to resist it could threaten the upward-sloping 200-HMA support at $29,649.
Bitcoin: Additional levels
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