A base was formed near $29,350 and the price started a fresh increase.
Besides, there was a break above a major bearish trend line with resistance near $29,700 on the hourly chart of the BTC/USD pair.
It is near the 61.8% Fib retracement level of the key decline from the $32,400 swing high to $29,255 low.
A clear move above the $31,650 resistance level could start another increase.
If bitcoin fails to clear the $31,180 resistance zone, it could a downside correction.
The next major support is near the $29,950 level and the 100 hourly simple moving average.
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