Following a substantial rally in Ripple’s XRP, BITCOIN (BTC) has experienced a new surge in value. Currently trading above $31,400, a potential rally may occur if it manages to close above $32,000.

Additionally, BTC/USD broke through a crucial contracting triangle with a resistance level around $30,700 on the hourly chart. The pair also managed to surpass the $31,400 resistance level, peaking at around $31,790, and is currently in a phase of consolidation.

Bitcoin is trading close to the 23.6% Fibonacci retracement level of its recent surge, from a low of $30,217 to a high of $31,790. Bitcoin now trades above $31,000, as well as the 100-hour Simple Moving Average.

Immediate resistance is found around the $31,600 level. The first significant resistance is near $31,800, and a break past this could lead to a bullish momentum for Bitcoin. In this scenario, Bitcoin may approach the $32,000 resistance, with the next major hurdle being the $32,500 level. Surpassing this could pave the way towards a possible surge toward the $33,200 resistance level.

On the downside, if BITCOIN cannot surpass the $31,800 resistance level, it may undergo a negative correction. Immediate support is found near the $31,200 level. Further significant support is around the $31,000 mark or the 50% Fibonacci retracement level of its recent surge from $30,217 to $31,790. If it falls below this level, we could see a further drop towards the $30,800 support zone. Any additional losses might drive the price down to the $30,550 level in the short term.