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Bitcoin (BTC/USD) has edged higher after briefly dipping below $30,000.

Will the bounce lead to a short-term reversal for the volatile crypto?

Here’s what’s happening on BTC/USD’s 1-hour time frame:

BTC/USD: 1-hour

Bitcoin (BTC/USD) 1-hour Chart

Bitcoin (BTC/USD) 1-hour Chart

In case you missed it, Bitcoin tested the $30,000 major psychological handle not once but TWICE so far this week.

BTC/USD is now trading closer to $32,000 which is near the “neckline” of a Double Bottom pattern on the 1-hour time frame.

Will the last bounce from $30,000 translate to a short-term reversal for BTC/USD?

Take note that the Double Bottom’s “neckline” is not far from the 100 SMA. If BTC breaks above the neckline and the 100 SMA, then BTC/USD could head for the $34,000 or even the $35,000 areas of interest.

Of course, we could also be seeing the start of a short-term range for BTC/USD.

If today’s headlines feed the markets’ concerns over higher interest rates and lower global growth, then traders could continue to sell the volatile crypto against the safe-haven dollar.

BTC/USD could retest the $30,000 mark and even make new monthly lows in the next trading sessions. Yikes!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.