Bitcoin Price Rejects $30K But This Variable Can Trigger A Fresh Increase
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Bitcoin price attempted an upside break above the $30,000 resistance. BTC failed and corrected lower toward the $28,400 support zone.
- Bitcoin is struggling to gain pace above the $29,400 and $29,500 resistance levels.
- The price is trading below $29,200 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $28,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $27,850 support zone.
Bitcoin Price Remains Supported
Bitcoin price gained pace for a move above the $29,200 resistance zone. However, BTC struggled to remain in a positive zone above the $29,400 and $29,500 resistance levels.
The bulls struggled near the $30,000 resistance zone. A high was formed near $29,975 and the price started a fresh decline. There was a move below the $29,500 and $29,200 support levels. A low is formed near $28,360 and the price is now consolidating losses.
Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,950 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $28,750 level. It is close to the 23.6% Fib retracement level of the recent decline from the $29,975 swing high to the $28,360 low. The next major resistance sits near the $29,000 zone and the trend line.
Source: BTCUSD on TradingView.com
The first major resistance is near $29,200 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $29,975 swing high to the $28,360 low. A close above the $29,200 resistance could send Bitcoin toward $29,500. Any more gains could open the doors for a test of the key barrier at $30,000.
More Losses in BTC?
If Bitcoin’s price fails to clear the $29,200 resistance, it could continue to move down. Immediate support on the downside is near the $28,400 level.
The next major support is near the $27,850 zone, below which the price might dive toward the $27,200 support zone. Any more losses might take Bitcoin toward $26,500 in the near term.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level.
Major Support Levels – $28,400, followed by $27,850.
Major Resistance Levels – $29,000, $29,200, and $30,000.