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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Price Takes Hit – What Could Spark Larger Degree Correction

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

Bitcoin price extended its decline and spiked below $30,000. BTC is showing a few bearish signs and might extend its decline toward the $28,400 support zone.

  • Bitcoin is moving lower below the $30,500 support zone.
  • The price is trading below $30,300 and the 100 hourly Simple moving average.
  • There was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline and test the $28,400 support zone.

Bitcoin Price Extends Decline

Bitcoin price remained well below the $31,000 resistance zone. BTC spiked higher but upsides were limited above the $31,400 resistance. As a result, the price reacted to the downside below the $31,000 level.

The price declined below the $30,650 and $30,500 levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair. It even spiked below the $30,000 support zone.

A low is formed near $29,868 and the price is now consolidating losses. Bitcoin is now trading below $30,300 and the 100 hourly Simple moving average.

Immediate resistance is near the $30,280 level. It is close to the 23.6% Fib retracement level of the recent decline from the $31,631 swing high to the $29,868 low. The first major resistance is near the $30,500 level, above which the price could start a decent recovery wave.

The next resistance is near $30,750 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,631 swing high to the $29,868 low, above which the price might retest $31,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $31,000 resistance could send the price further higher. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,850 level and the recent low.

The next major support is near the $29,000 level, below which there could be a drop toward $28,400. Any more losses might send the price toward the $28,000 level.

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 – $29,850, followed by $29,000.

Major Resistance Levels – $30,280, $30,500, and $30,750.

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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