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Bitcoin

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

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

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.

Bitcoin Price

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.

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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