Bitcoin’s price has been experiencing a downward move, currently trading below the crucial $29,500 pivot level. Moreover, the price is below $29,300 and the 100 hourly Simple Moving Average (SMA), indicating a bearish trend. BTC’s inability to surpass the $30,000 resistance zone has resulted in a fresh decline as it struggles to regain momentum.
There is a glimmer of hope for Bitcoin, as a key bullish trend line is forming with support near $29,100 on the hourly chart of the BTC/USD pair. This trend line could potentially act as a support level and prevent the price from plunging further. Additionally, immediate support on the downside is near the $29,100 level.
Bitcoin’s next move remains uncertain. If the $29,450 resistance is successfully cleared, it could lead to a fresh increase in the price. This could ultimately result in Bitcoin surging above the $30,000 resistance zone and even possibly surpassing the $30,400 level. However, if the resistance at $29,450 proves to be too strong, Bitcoin might continue its downward spiral.
In the event of a fresh decline, immediate support levels include $29,100 and the aforementioned trend line. If Bitcoin fails to hold these support levels, the price could further drop towards the $28,750 level, which is another major support zone. Further losses might then push the price towards the $28,400 level. A move below this level could potentially attract selling pressure and drive the price towards $28,000 in the near term.
An analysis of the technical indicators revealed that the hourly MACD (Moving Average Convergence Divergence) is currently gaining momentum in the bearish zone. This suggests that the bearish trend might continue in the short term. Additionally, the hourly Relative Strength Index (RSI) for BTC/USD has fallen below the 50 level, further indicating a negative sentiment.
Bitcoin’s struggle to surpass the $30,000 resistance zone has resulted in a fresh decline, with the price currently trading below important support levels. However, a key bullish trend line and immediate support levels offer hope for a potential price recovery. The next move for Bitcoin remains uncertain, with a breakout above the resistance levels potentially leading to a fresh increase. Conversely, a failure to break resistance could result in a continued decline. Traders and investors should closely monitor support and resistance levels, as well as the key technical indicators for further insights into Bitcoin’s price movement.