Bitcoin Price Faces Many Hurdles
Bitcoin has been facing significant hurdles in its attempt to rebound from the $29,050 support zone. However, the bulls managed to hold strong above the crucial $29,000 level, leading to a recent uptrend. The cryptocurrency made a clear move above the $29,250 and $29,300 levels, breaking the 50% Fibonacci retracement level of the previous downward move from the $29,678 swing high to the $29,070 support. Additionally, a key bearish trend line resistance near $29,375 was breached on the BTC/USD hourly chart.
At present, Bitcoin is trading above $29,300 and the 100-hourly Simple Moving Average. Yet, it faces resistance around the $29,450 level. The 61.8% Fibonacci retracement level from the $29,678 high to the $29,070 low is also acting as a barrier. The first major resistance lies near the $29,650 level, followed by the crucial $29,700 resistance zone, which could determine the cryptocurrency’s direction towards the $30,000 resistance area.
A Close Look at the Potential Increase
A close above the $30,000 resistance could pave the way for a decent price surge. Should this happen, Bitcoin might even surpass the $30,400 resistance. Such a breakthrough could signal a positive trend for the digital asset.
The Risk of a Fresh Decline
However, if Bitcoin fails to overcome the $29,700 resistance, a fresh decline could be in store. Immediate support lies around the $29,300 level and the 100-hourly Simple Moving Average. A further dip might lead the price towards the $29,050 support level, with the next critical support being at $28,800. If losses continue, the cryptocurrency could head towards the $28,200 level in the near term.
Technical Indicators Signal Potential
The hourly MACD is showing momentum in the bullish zone, signaling a potential upward movement. Moreover, the RSI for BTC/USD is currently above the 50 level, indicating strength in the cryptocurrency’s price action.
In conclusion, Bitcoin’s price remains volatile as it faces multiple resistance levels below $30,000. Traders and investors must carefully monitor the ongoing market dynamics to make well-informed decisions amid the fluctuating crypto landscape.