Bitcoin price is moving lower while the $29,200 level remains in sight

Bitcoin price is moving lower while the $29,200 level remains in sight

Bitcoin price is once again in a downward trend and is approaching the $29,200 mark. To attempt a fresh rise, Bitcoin needs to break above $30,500.

Over the past few weeks, the $30,500 level has proven to be a critical resistance for Bitcoin. So far, the cryptocurrency has been unable to overcome this resistance and is now trading well below it.

The Bitcoin price is currently below the $30,300 mark and the 100 hourly simple moving average. This indicates further bearish signs. There is also a bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair.

If the price stays below the $30,500 resistance, Bitcoin could continue lower and reach the next support zone around $29,200.

In the last few hours, Bitcoin price attempted to rise above the $30,250 level but failed to develop bullish momentum. BTC continued to stay below the key resistance at $30,500.

After hitting a high of $30,447, the price fell below the $30,000 mark and hit a new weekly low of $29,669. Currently, the price is correcting losses and has broken the 50% Fib retracement level of the recent decline.

Despite returning above $30,000, Bitcoin is now trading below $30,300 and the 100 hourly simple moving average. The immediate resistance is near the $30,200 level, which also coincides with the bearish trend line.

The next major resistances are $30,265, $30,450, and $30,500. A close above the $30,500 level could trigger a fresh increase for Bitcoin and could open the door for a move towards the $31,500 resistance zone.

If Bitcoin fails to clear the $30,500 resistance, there is a risk of further losses. The immediate support lies at $29,850, followed by the $29,550 level. A fall below this level could take the price towards the $29,200 support zone.

Technical indicators suggest that the market continues to be dominated by bears. The hourly MACD is gaining pace in the bearish zone while the hourly RSI is near the 50 level.

In conclusion, Bitcoin’s current price drop shows that the cryptocurrency is struggling to break above the $30,500 mark. If the resistance cannot be broken, there is a risk of further losses. Traders should keep an eye on the resistance at $30,500 to determine Bitcoin’s future direction.