Bitcoin retreated a little but the bias remains bullish. It has tried to test and retest the near-term support levels before resuming its growth. It was trading at 30,646 at the time of writing, having increased by 3.62% from yesterday's low of 29,941 to 31,025 today's high.
In the last 7 days, the BTC/USD is up by 14.19% and by 0.70% in the last 24 hours. Bitcoin's upside continuation should force altcoins to jump higher as well.
BTC/USD 31,035 key resistanceTechnically, the price action developed a new flag pattern which may announce an upside continuation. You knew from my previous analysis that the BTC/USD could resume its growth as long as it stays above 29,600.
As you can see on the H4 chart, the cryptocurrency escaped from the minor flag pattern, but the 31,035 key level represents a major resistance level.
BTC/USD forecastA valid breakout above 31,035 activates an upside continuation. A new higher high may represent a buying opportunity.