Bitcoin price is experiencing a downward trend, struggling to surpass the crucial $30,000 resistance zone. The cryptocurrency is currently trading below the $29,500 pivot level and the 100 hourly Simple Moving Average (SMA). This indicates a potential decline in value.
Bitcoin’s price is below $29,300 and currently forming a key bullish trend line, offering support near $29,100. If the support holds, the BTC/USD pair could potentially attempt a fresh increase towards the $29,750 resistance zone.
Bitcoin initially struggled to clear the $30,000 resistance, resulting in a fresh decline below the $29,750 and $29,500 support levels. The price closed below $29,200 as well as the 100 hourly SMA. A low was formed around $28,932, and the price is now consolidating losses.
Currently, Bitcoin is trading near the 23.6% Fibonacci retracement level of the downward move from the $30,000 swing high to the $28,932 low. However, it still remains below the 100 hourly SMA. There is also immediate resistance near the $29,275 zone and the 100 hourly SMA.
The first major resistance lies near the $29,450 level or the 50% Fibonacci retracement level of the recent downward move. If Bitcoin manages to break above this level, it might rise towards the $29,750 resistance zone and potentially surpass the crucial $30,000 mark, initiating a decent increase. In such a case, the price could even exceed the $30,400 resistance.
However, if Bitcoin fails to clear the $29,450 resistance, it could trigger a fresh decline. Immediate support on the downside is expected near the $29,100 level and the trend line. Further down, the next major support levels are near $28,750, below which the price could quickly accelerate lower. Another support level to watch out for is around $28,400. If the losses continue, there could be a move towards the $28,000 level in the near term.
Hourly MACD (Moving Average Convergence Divergence) shows the MACD gaining pace in the bearish zone, indicating a potential decline in Bitcoin’s price. The Hourly RSI (Relative Strength Index) for BTC/USD is currently below the 50 level, further supporting the downward trend.
Bitcoin is facing challenges in surpassing the $30,000 resistance zone, leading to a fresh decline. The support levels to watch out for are $29,100 and $28,750, while the resistance levels include $29,450, $29,750, and $30,000. Traders should carefully monitor these levels for potential price movements.