Bitcoin bulls are fighting to turn the $30,000 level to support and today's consumer price index report could make their job a little bit easier.
) halving which is set to occur next year. That is also likely to be a positive for cryptocurrency prices. While the near-term picture is uncertain, the long-term remains bullish.
Will traders book profits in the near term, pulling Bitcoin and altcoins lower or will the rally extend further?Bitcoin is witnessing resistance near $30,550 but a positive sign is that the bulls have not given up much ground. This suggests that the buyers are not rushing to the exit.The bears are unlikely to give up without a fight. They will try to yank the price below the 20-day exponential moving average , which remains the key support level to keep an eye on.
Conversely, if the price continues to move up from the current level or rebounds off the 20-day EMA, it will signal strong demand at lower levels. That will enhance the prospects of a rally to $32,400, which is likely to behave as a formidable resistance.
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