BTC prices find a sudden increase in bullish momentum as it regains the $30K mark and prepares a bull run to $33K. Should you join the buying spree?

Key technical points:
<ul>
 	<li style="font-weight: 400">BTC prices have increased by 4.59% in the last 24 hours.</li>
 	<li style="font-weight: 400">The fast line touches the slow line to give a bullish crossover.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Bitcoin is $34.16 Billion, reflecting a 12% rise. </li>
</ul>
<h2>Past Performance of BTC</h2>
The early May sell-off in the largest cryptocurrency-Bitcoin breached a significant psychological level of $30000. As a result, the extended correction slumped the price to a new lower low of $27600. However, after that, the BTC price began to spiral above the low it had just set and started the consolidation stage. 

Furthermore, to bearish surprise, the price of Bitcoin is up 5% today and is trying to get back $33080. However, the resistance aligned with the descending trendline, and 50 EMA could weaken the rally to recover.

<img src="https://s3.tradingview.com/snapshots/n/nRWsCBpV.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/nRWsCBpV/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>BTC Technical Analysis </h2>
After approaching the 50-day EMA, we can see a halt in the downtrend and an increased number of bullish breakout attempts above $0.075. The recent effort shows a 4.76% bullish engulfing candle breaching the 200-day EMA with increased trend momentum.

The crucial daily EMAs maintain a downtrend, with the recent 100 and 50-day EMAs providing dynamic resistance to bullish reversal attempts.  

The RSI indicator reflects a boom in bullish impact on the price direction as the RSI rises above the boundary of the oversold zone with a dramatic V-shaped reversal. Therefore, the increase in RSI values boosts the likelihood of a prolonged uptrend.

The MACD indicator shows an increase in the speed line following a strong upward trend, resulting in a bullish crossover and increasing the odds of a trend reversal.

In short, the BTC technical analysis projects a high chance of a bullish uptrend sustaining above $30K.
<h2>Upcoming Trend</h2>
Considering that the bullish influence continues to grow on <a href="https://www.cryptoknowmics.com/news/whales-addresses-returning-3-8-million-to-btc-is-this-good-sign/">BTC</a> prices, a prolonged uptrend will reach the $33080 level before crossing it to $35K. However, a bearish takeover resulting in a $30K fallout will retest the low $27600.

Support Levels: $28650 and $27600

Resistance Levels: $33080 and $35K

BTC Technical Analysis: BTC Back Above $30, Prepares to Stay

BTC prices find a sudden increase in bullish momentum as it regains the $30K mark and prepares a bull run to $33K. Should you join the buying spree?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

BTC Technical Analysis: BTC Back Above $30, Prepares to Stay

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