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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Price Plunges After Rejection, Here’s Why Bears Aim Fresh Lows

Aayush Jindal by Aayush Jindal
2 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.

  • Bitcoin is moving lower below the $30,000 pivot level.
  • The price is trading below $30,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline below the $29,500 support zone.

Bitcoin Price Turns Red Again

Bitcoin price attempted a fresh increase above the $30,400 resistance zone. However, BTC struggled to settle clear the $30,350 level and started a fresh decline.

There was a bearish reaction below the $30,000 support zone and the 100 hourly Simple moving average. The price declined below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high.

Bitcoin is trading below $30,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $30,000 level and the 100 hourly Simple moving average. The first major resistance is near the $30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the $30,400 level might start a fresh increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.

Fresh Low in BTC?

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,720 level and the trend line.

The next major support is near the $29,650 level, below which the price could revisit the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses might call for a move toward the $28,200 level in the near term.

Technical indicators:

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 50 level.

Major Support Levels – $29,650, followed by $29,500.

Major Resistance Levels – $30,000, $30,150, and $31,400.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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