BTC: Why is bitcoin still at risk of falling below $29K?





  • Bitcoin recovered above the $30,000 level but struggled above $31,000.
  • The price is now well above the $30,000 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might start a fresh decline if it breaks through the $30,000 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price started a decent wave of recovery from the $25,000 support zone. BTC gained ground to break above the $28,000 level and the 100 hourly simple moving average.

He even crossed the resistance zone of $30,000. However, the bulls struggled to stay in action above the $31,000 level. A high was formed near $31,390 and the price is now slowing its descent. There was a move below the $31,000 level.

Bitcoin went under the 23.6% Fib retracement level of the upward movement between the low of $28,600 and the high of $31,390. The price is now approaching the $30,400 support.

There is also a key uptrend line forming with support near $30,400 on the hourly chart of the BTC/USD pair. The next major support is near the area $30,000. It is near the 50% Fib retracement level of the bullish move between the $28,600 low and $31,390 high.

Source: BTCUSD TradingView. Sur le même sujet : Shiba Inu vs Dogecoin : Quels Mèmecoin survivra au krach des crypto-monnaies ?.com

A break down and a close below the $30,000 support could initiate a major decline. In the case indicated, the price might drop towards the $29,000 level. The next major support is near the $28,000 level, below which the price might start a new bearish wave.

More upside opportunities for BTC?

If bitcoin stays above the $30,000 support zone, it could start a fresh upswing. An immediate resistance on the upside is seen near the $31,000 level.

The next major resistance is seen near the $31,400 level. A clear move above the $31,000 and $31,400 resistance levels could initiate further upside in the coming sessions. The next key resistance could be found near the $32,500 level, above which the price could rise above $33,000.

Technical indicators:

Hourly MACD – The MACD is now gaining ground in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is not near the 50 level.

Main support levels – $30,400, then $30,000.

Main resistance levels – $31,000, $31,400 and $32,500.

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