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Bitcoin climbed as much as 31,268 today, registering a new high. Now, it has retreated a little and is trading at 30,680. In the short term, it moves sideways, trying to accumulate more bullish energy before jumping higher. It has increased by 4.69% from Wednesday's low of 29,868 to 31,268 today's high.
Bitcoin is up by 1.16% in the last 24 hours and by 2.65% in the last 7 days. Further growth should drag the altcoins higher as well.
As you can see on the H1 chart, the cryptocurrency escaped from the flag pattern indicating an upwards movement. You knew from my previous analysis that BTC/USD is bullish as long as it stays above the uptrend line.
BTC/USD failed to take out 31,025, so the crypto could come back to test and retest the near-term support levels again.
A valid breakout above 31,025 activates further growth and is seen as a buying signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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