Bitcoin Price Slides Further As Bulls Lose Control, $29K Still In Play

Aayush Jindal

Last Updated: June 11, 2024 2:35 pm

2 mins read

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Bitcoin price extended its decline below the $30,000 zone. BTC might slide further and test the $29,000 support in the near term.

Bitcoin started a downside correction below the $30,000 level.
The price is trading below $30,000 and the 100 hourly Simple moving average.
There are two bearish trend lines forming with resistance near $29,550 and $30,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline toward the $29,000 zone in the near term.

Bitcoin Price Dips Further

Bitcoin price struggled to stay in a positive zone above the $30,500 level. BTC extended its decline and moved below the $30,000 support zone.

The bears were able to gain strength and pushed the price toward the $29,200 support zone. A low is formed near $29,123 and the price is now consolidating losses. Bitcoin is now trading below $30,000 and the 100 hourly Simple moving average.

Immediate resistance is near the $29,450 level. It is near the 23.6% Fib retracement level of the downward move from the $30,555 swing high to the $29,123 low. There are also two bearish trend lines forming with resistance near $29,550 and $30,150 on the hourly chart of the BTC/USD pair.

A move above the trend line resistance might call for a test of $29,800. The next major resistance is near the $30,000 zone. It is close to the 61.8% Fib retracement level of the downward move from the $30,555 swing high to the $29,123 low.

Source: BTCUSD on TradingView.com

A close above the $30,000 resistance and the trend line might start another increase. In the stated case, the price may perhaps rise toward the $30,500 level. The next key resistance is near the $31,200 level.

More Losses in BTC?

If Bitcoin’s price fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,250 level.

The next major support is near the $29,000 zone. A downside break and close below the $29,000 support might push the price further lower. In the stated case, BTC might decline toward the $28,400 support.

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 – $29,250, followed by $29,000.

Major Resistance Levels – $29,450, $29,800, and $30,000.

Aayush Jindal

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