2-Hour Analysis:
Big Picture: Following a period of lengthy consolidation, bulls broke out of the range and moved to challenge the key weekly resistance level of 31,750. The weekly congestion for Bitcoin hovers between 31,750 to 32,650. The recent rise above the resistance level could potentially shape up as a deviation, allowing for significant profit-taking to occur. If the resistance zone re-emerges as a key resistance level, bulls could be in imminent risk.
On the Upside breaking through the intraday barrier of 30,800 triggered an intense expansion. Price swiftly challenged and surpassed the levels of 31,200 and 31,450, aiming for the weekly levels of 31,750. The oversold conditions prompted intraday profit-taking, dragging the price back down. The major resistance for the session has re-emerged at 31,200 and 31,450 levels.
On the Downside for the time being, Bitcoin has been getting immediate support from the 31,000 level. Below this level, the next level of support is anticipated to be seen at 30,800. Maintaining these supports remains important; otherwise, price risks falling towards the lower supports of 30,400 and 30,250. Loss of the 30,800 level could transform the profit-taking activity into panic selling, exposing the major support area.
