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Bitcoin

Bitcoin Price Regains Strength But BTC Must Clear This Key Resistance

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

Bitcoin price found support near $29,200 and recovered losses. BTC must clear the $30,500 resistance to continue higher in the near term.

  • Bitcoin started a fresh increase from the $29,200 support zone.
  • The price is trading above $30,000 and the 100 hourly Simple moving average.
  • There was a break above a major bearish trend line with resistance near $30,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise further if it manages to clear the $30,500 resistance zone.

Bitcoin Price Faces Hurdle

Bitcoin price started a downside correction below the $30,000 level. However, BTC bulls were active near the $29,200 zone. A low was formed near $29,123 and the price started a fresh increase.

There was a break above the $29,800 and $30,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $30,080 on the hourly chart of the BTC/USD pair. The price is now facing resistance near the $30,500 zone.

A high is formed near $30,480 and the price is consolidating gains. Bitcoin is trading above $30,000 and the 100 hourly Simple moving average. It is also near the 23.6% Fib retracement level of the recent increase from the $29,123 swing low to the $30,480 high.

Immediate resistance is near the $30,400 level. The first major resistance is forming near the $30,500 level. A move above the $30,500 resistance might call for a decent increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near the $31,200 zone. A close above the $31,200 resistance might send the price toward the $32,000 resistance. Any more gains could open the doors for a test of $33,500.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $30,500 resistance, it could start another decline. Immediate support on the downside is near the $30,050 level and the 100 hourly Simple moving average.

The next major support is near the $29,800 zone or the 50% Fib retracement level of the recent increase from the $29,123 swing low to the $30,480 high. A downside break and close below the $29,800 support might push the price toward the $29,200 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $29,800, followed by $29,200.

Major Resistance Levels – $30,400, $30,500, and $31,200.

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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