Bitcoin has maintained its position above the crucial $30,000 support zone, showing resilience amid recent downside corrections. Trading below $30,500 and the 100 hourly Simple Moving Average (SMA), Bitcoin faces resistance near $30,500, accompanied by a bearish trend line on the hourly chart. This article examines Bitcoin’s current price movement, potential resistance levels, and the possibility of a fresh upward trend if key barriers are breached.
Bitcoin experienced a downside correction, briefly dipping below the $30,000 support but finding limited downside momentum. The price has since rebounded from a low near $29,914 and is gradually moving higher. It has surpassed the 23.6% Fibonacci retracement level of the recent correction and is now trading above the $30,250 level. However, resistance near $30,500 and the 100 hourly SMA pose significant challenges for further gains.
To initiate a fresh increase, Bitcoin needs to clear the resistance at $30,500 and the 100 hourly SMA. Additionally, a key bearish trend line is forming around that level. Should the bulls manage to surpass these obstacles, they could attempt a renewed push in the upcoming sessions. The first major resistance sits near $30,850, close to the 61.8% Fibonacci retracement level. Subsequently, Bitcoin might retest the $31,400 resistance zone, followed by the $32,000 level. Further upward momentum could drive the price towards the $32,500 and $33,200 resistance levels.
However, if Bitcoin fails to break above the $30,500 resistance, a continuation of the downward movement is possible. Immediate support lies around the $30,000 level or the recent low of $29,914. In the event of a further decline, the next significant support awaits near $29,550, followed by a potential drop towards the $29,200 level. Additional losses could drive the price towards the $28,500 support in the near term. Currently, the hourly Moving Average Convergence Divergence (MACD) indicates a positive trend, while the Relative Strength Index (RSI) hovers above the 50 level.
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