Bitcoin Price Struggles to Clear Resistance, Eyes Fresh Decline

Bitcoin Price Struggles to Clear Resistance, Eyes Fresh Decline

Bitcoin price is facing significant resistance as it struggles to break above the $30,000 level. The leading cryptocurrency started a fresh decline after failing to clear the resistance zone, and it is currently trading below key support levels.

BTC attempted to surpass the $30,000 resistance zone but faced selling pressure, resulting in a fresh decline. The price fell below the $29,750 and $29,500 support levels, signaling a bearish sentiment in the market.

After reaching a low near $28,932, Bitcoin’s price is now consolidating its losses. It is currently trading near the 23.6% Fibonacci retracement level of the downward move from the $30,000 swing high to the aforementioned low.

Bitcoin is trading below the $29,300 level and the 100 hourly Simple Moving Average. However, there is a key bullish trend line forming with support near $29,100 on the hourly chart, which could provide some stability to the price.

The immediate resistance for BTC is near the $29,275 zone and the 100 hourly Simple Moving Average. If Bitcoin manages to break above these levels, the next major resistance is likely to be located around $29,450 or the 50% Fibonacci retracement level.

The key resistance to watch is the $29,750 level, above which the price might rise towards the crucial $30,000 resistance zone. A successful close above this level could pave the way for a decent increase, potentially surpassing the $30,400 resistance.

On the downside, if Bitcoin fails to clear the $29,450 resistance, it could see a fresh decline. Immediate support is seen near the $29,100 level and the trend line. If selling pressure persists, the next major support sits around $28,750, followed by the $28,400 level.

The hourly MACD indicator is currently in the bearish zone, suggesting further downward momentum for Bitcoin. Additionally, the Relative Strength Index (RSI) for BTC/USD is below the 50 level, indicating a bearish bias in the short term.

Bitcoin price is facing resistance below the $30,000 level and is struggling to gain momentum. The inability to clear key resistance levels could lead to a fresh decline, with potential support levels found near $29,100 and $28,750. Traders should closely monitor the price action and key levels to determine the next direction of BTC.


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