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.