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Bitcoin

Bitcoin Price Plunges Below $29K And It’s Vulnerable To More Losses

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

Bitcoin price failed to clear $30,250 and declined sharply. BTC traded below $29,000 and might extend its decline toward $28,000.

  • Bitcoin started another decline below the $29,500 support zone.
  • 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 $29,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down unless it settles above the $29,500 pivot level.

Bitcoin Price Dives Over 5%

Bitcoin price struggled to gain bullish momentum above the $30,250 resistance zone. BTC started a fresh decline below the $30,000 and $29,500 support levels, dragging Ethereum below $2,000.

The price broke the $29,000 support zone and tested $28,500. A low is formed near $28,577 and the price is now consolidating losses. Bitcoin price is now trading below $29,200 and the 100 hourly Simple moving average. It is currently testing the 23.6% Fib retracement level of the recent decline from the $30,461 high to the $28,577 low.

There is also a key bearish trend line forming with resistance near $29,050 on the hourly chart of the BTC/USD pair. Therefore, immediate resistance is near the $29,050 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is forming near the $29,250 level. The next major resistance is near the $29,500 zone. It is close to the 50% Fib retracement level of the recent decline from the $30,461 high to the $28,577 low. A move above the $29,500 resistance might call for a decent increase. In the stated case, the price may perhaps revisit the $30,000 zone. Any more gains could open the doors for a test of $30,500.

More Losses in BTC?

If Bitcoin’s price fails to clear the $29,500 resistance, it could continue to move down. Immediate support on the downside is near the $28,700 level.

The next major support is near the $28,500 zone. A downside break and close below the $28,500 support might push the price toward the $28,000 support. Any more losses might push Bitcoin toward $27,400.

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 – $28,500, followed by $28,000.

Major Resistance Levels – $29,250, $29,500, and $30,000.

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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