Key Takeaways:
- Bitcoin price is struggling to clear the $30,000 resistance zone.
- BTC/USD is trading below a key bearish trend line with resistance near $29,920 on the 4-hour chart.
- The price could decline heavily if it stays below $30,000 for a brief period.
Bitcoin Price Confined In Crucial Range | Photo by Dmitry Demidko on Unsplash
New Delhi(CoinChapter.com): Bitcoin price failed to clear the $30,000 resistance. BTC/USD is consolidating and remains at risk of a fresh decline unless it settles above $30,000.
Bitcoin Price Faces Uphill Task
After forming a base above the $28,800 level, Bitcoin price increased significantly. The BTC/USD pair climbed above the $29,200 and $29,300 resistance levels.
There was also a move above $29,750 and the 50 simple moving average (blue, 4-hour). Finally, there was a spike above the $30,000 resistance. The bulls attempted to clear $30,000 and $30,200 but failed.
A high was formed near $30,284, and the price is now correcting gains. There was a move below the $29,900 pivot zone. The price declined below the 50% Fib retracement level of the upward move from the $28,716 swing low to the $30,284 high.
If the bears remain active below $29,900, there is a risk of a fresh decline. Immediate support is near the $29,300 level and the 50 simple moving average (blue, 4-hour).
The 61.8% Fib retracement level of the upward move from the $28,716 swing low to the $30,284 high is also near $29,300. The next key support is nearly $29,000. A close below the $29,000 support might spark a move toward the $28,800 support zone.
If Bitcoin fails to stay above the $28,800 support, there could be a drop toward the $27,400 level. Any more losses might open the doors for a move toward the $26,500 level.
Fresh Rally?
If BTC stays above $29,300, there could be a fresh increase. Immediate resistance could be near the $29,900 level. A key bearish trend line is forming with resistance near $29,920 on the 4-hour chart.
The next key resistance is near the $30,400 zone. A successful daily close above the $30,400 resistance could initiate strong bullish moves. Bitcoin might rise toward $31,400 or even $32,000 in the stated case.
Bitcoin’s price is still stuck in a crucial range below $30,000. If it stays below $30,000, there could be a fresh drop to $28,800 or even $27,400. Conversely, BTC might rally if there is a close between $30,000 and $30,400.
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