Bitcoin Price Recovers Within Range, Bears Still In Control Below $30K

Aayush Jindal

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price is recovering higher from the $29,000 support. BTC could revisit the key $29,700 resistance zone in the coming sessions.

Bitcoin is slowly moving higher above the $29,200 and $29,300 levels.
The price is trading above $29,300 and the 100 hourly Simple moving average.
There was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise toward the next major resistance at $29,700.

Bitcoin Price Faces Many Hurdles

Bitcoin price retested the $29,050 support zone where the bulls emerged. BTC remained strong above the $29,000 zone and recently started a fresh increase.

There was a clear move above the $29,250 and $29,300 levels. The price broke the 50% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support. Besides, there was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $29,300 and the 100 hourly Simple moving average. It is now facing resistance near the $29,450 level.

It seems like the 61.8% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support is acting as a resistance. The first major resistance is still near the $29,650 level. The next major resistance is near the $29,700 level, above which the price might rise toward the $30,000 resistance zone.

Source: BTCUSD on TradingView.com

A close above the $30,000 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,400 resistance.

Fresh Decline in BTC?

If Bitcoin fails to clear the $29,700 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,300 level and the 100 hourly Simple moving average.

The next major support is near the $29,050 level, below which the price could accelerate lower. The next support is near the $28,800 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 bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $29,200, followed by $29,050.

Major Resistance Levels – $29,450, $29,700, and $30,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.