Whilst away from all of the attention, Bitcoin cost has been merging after breaking below the symmetrical triangle, and now seems trapped below the 35,000 mark along with the 50% Fibonacci (29,112) from the 16,000 -- 42,000 surge. This variety can be marked with the 20-day and 50-day simple moving averages, strengthening their capability to act as support and resistance levels.

Trading interest has seemingly returned to cryptocurrencies as lots of the businesses targeted by retail dealers in the past couple of days have confronted trading restrictions, leaving traders searching for different sources volatility, although retail investors now have limited influence on the price of Bitcoin.

BITCOIN LEVELS
The key area to be on the lookout for today is the 30,000 mark, where cost has managed to find support because the beginning of January. However there have been many different attempts to break below and a series of lower highs is currently threatening to attract BTC/USD below this level as a descending triangle pattern could be coming to a conclusion.

Momentum indicators are somewhat mixed given the absence of momentum in Bitcoin at the past couple of days, however the MACD is deeply in the red whilst the Stochastic is put in the middle of the scope, signalling there's space to move in either way. Otherwise, we may see cost break below 30,000 and mind lower with the upcoming significant support level coming up in 26,000.

What you've read above is that the analysis I was finishing before Bitcoin suddenly shot up 11 percent in 15 minutes only before 9am GMT, following what seems to be an endorsement from Elon Musk about the cryptocurrency, he included with a hashtag to his Twitter bio.

Another glance at the daily price graph and we could observe that BTC/USD has actually broken above the descending trendline which I had mentioned just minutes past as the amount to watch out for additional gains. I still believe this level is of significance, and if cost remains above this level throughout the day then we might see a weakening of the bearish case for Bitcoin. Then again, a fall below this level will probably be a much stronger sign that communicates are taking control and aiming to get a break under 30,000.

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