BTC even spiked below the $30,000 support zone as a result of the correction, which is a significant psychological level for investors and traders alike. However, the downsides were limited, and a low of around $29,914 was eventually reached.

The price of Bitcoin has traded above the 23.6% Fib retracement level of the recent downside correction from the $31,435 swing high to the $29,914 low. At the moment, the price of Bitcoin is slowly rising. The price is currently trading above $30,250.

The price of Bitcoin appears to be facing resistance near $30,500 and the 100-hourly Simple moving average, despite the recent trend of upward movement. On the hourly chart of the BTC/USD pair, there is also the formation of a significant bearish trend line with resistance close to $30,500. However, if the bulls are successful in raising the price above this trend line, they may attempt a new increase in the subsequent sessions.

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The first major resistance is close to the $30,850 level if the price is able to break through the $30,500 level. The 61.8% Fib retracement level of the most recent downtrend from the swing high of $31,435 to the low of $29,914 is close to this level. The $31,400 resistance level may be revisited if Bitcoin price is successful in breaking through this barrier.

The $32,000 level is the next major barrier. BTC could move toward $32,500 if it closes above this resistance. The $33,200 resistance level may be reached if the price continues to rise. However, investors should exercise caution when making investment decisions because the price of Bitcoin is highly volatile and subject to rapid fluctuations.