Bitcoin News

Bitcoin Price Takes Hit – What Could Spark Larger Degree Correction

The leading cryptocurrency faces significant downward pressure as it slips below the crucial $30,500 support zone. The bears have the upper hand with the price trading below $30,300 and the 100-hourly Simple Moving Average.

On the hourly chart of the BTC/USD pair, sourced from Kraken’s data feed, a crucial bullish trend line with support near $30,500 was broken, indicating a potential further decline. Traders are closely watching the $28,400 support level, which could be the next target for the cryptocurrency.

Despite a brief spike in price, Bitcoin struggled to break through the $31,000 resistance zone. The limited upside movement led to a downward reaction, with the price falling below the $31,000 level. It also breached the $30,650 and $30,500 levels, including the key bullish trend line near $30,500.

Bitcoin found temporary support near $29,868 and is currently consolidating losses. However, the price remains below $30,300 and the 100 hourly Simple Moving Average, indicating continued bearish sentiment.

The immediate resistance lies near the $30,280 level, which aligns with the 23.6% Fibonacci retracement level of the recent decline from the $31,631 swing high to the $29,868 low. A significant recovery wave may occur if the price surpasses the $30,500 level.

Further resistance is expected near $30,750 and the 100 hourly Simple Moving Average, close to the 50% Fibonacci retracement level. A breakthrough above these levels could lead to a retest of $31,000, potentially paving the way for more gains. The ultimate obstacle awaits near the $31,400 level, with a successful breach signaling a potential move toward the $32,000 resistance zone.

However, downward momentum may persist if Bitcoin fails to overcome the $30,500 resistance. Immediate support can be found near the $29,850 level, followed by the recent low at $29,000. A more profound decline might bring the price closer to the $28,400 level, and further losses could lead to a test of the $28,000 level.

Technical indicators add to the bearish outlook, with the hourly MACD showing increasing momentum in the bearish zone. The Relative Strength Index (RSI) for BTC/USD is now below the 50 level, further indicating a shift in favor of the bears.

In summary, Bitcoin faces a critical juncture as it struggles to maintain support above $30,500. While recovery is possible if resistance levels are broken, the current technical analysis suggests a cautious approach as downward pressure remains. Traders and investors should closely monitor support and resistance levels for potential market movements.


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