The price of Bitcoin is currently experiencing a downward trend, struggling to surpass the $30,000 resistance zone. This article will analyze the current market situation and discuss potential scenarios for BTC in the near term.
Bitcoin Consolidates Losses
Bitcoin price has been slowly declining and is currently trading below the $29,500 pivot level. Additionally, it is trading below the 100 hourly Simple Moving Average (SMA) and $29,300. However, a key bullish trend line seems to be forming with support near $29,100 on the hourly chart of the BTC/USD pair.
If BTC manages to close above the $30,000 resistance zone, it could signal a fresh increase in price. The immediate resistance is near the $29,275 zone and the 100 hourly SMA. The first major resistance is around $29,450, followed by the $29,750 level. A close above $30,000 could potentially lead to a rise towards the $30,400 resistance.
In the event that Bitcoin fails to clear the $29,450 resistance, it might initiate a fresh decline. The immediate support on the downside is near the $29,100 level and the aforementioned trend line. The next major support lies around $28,750, and if BTC breaks below that, it could accelerate further downside movement towards the $28,400 level. Further losses might even call for a move towards the $28,000 level in the near term.
The hourly MACD is currently gaining momentum in the bearish zone, indicating a potential continuation of the downward trend. The RSI (Relative Strength Index) for BTC/USD is now below the 50 level, suggesting a bearish sentiment in the market.
Bitcoin is facing strong resistance below the $30,000 mark and is currently consolidating losses. The market is at a crucial juncture, with a close above $30,000 being a potential catalyst for a bullish upswing. On the other hand, a failure to surpass the resistance levels may result in further downside movement. Traders and investors should carefully observe the price action to gauge the next major move in Bitcoin’s price.
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