Bitcoin News

Bitcoin Price Consolidates Below $31K As The Bulls Take Back Seat

Bitcoin’s price is facing hurdles in surpassing the $31,000 resistance level. Currently consolidating, BTC may revisit the $30,000 support zone. Key technical indicators suggest further potential downside or a breakout if resistance is cleared.

Bitcoin continues to encounter difficulty breaking through the critical resistance level at $31,000. The cryptocurrency is currently trading within a range, and there is a possibility of revisiting the support zone at $30,000.

Recently, Bitcoin traded just below $30,500 and the 100 hourly Simple Moving Average (SMA). However, there was a positive development as the price broke above a significant bearish trend line with resistance near $30,300 on the BTC/USD hourly chart, sourced from Kraken.

While BTC cleared the 50% Fibonacci retracement level of the downward move from the $31,436 swing high to the $29,914 low, it struggled to overcome the 76.4% Fib retracement level. Currently trading below $30,500 and the 100 hourly SMA, immediate resistance is anticipated near the $30,680 level. Moving above this level could lead to a retest of the $31,400 resistance zone, with the next significant hurdle near $32,000.

However, if the resistance at $30,950 remains unbroken, Bitcoin could see further downside movement. Initial support lies at $30,250 or within the broken trend line zone. The crucial support zone near $30,000 could potentially be tested, and a breach may result in a drop toward the $29,550 support level. Further losses push the price towards the $28,750 support region in the near term.

Technical indicators show the MACD losing momentum in the bullish zone, while the RSI for BTC/USD remains below the 50 levels.

Bitcoin’s struggle to overcome the resistance at $31,000 has resulted in consolidation, with the potential for a retest of support at $30,000. Traders will closely monitor key levels for indications of a breakout or further downside.


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