HomeBitcoin NewsBitcoin Price Analysis: BTC Could Regain Strength Above This Hurdle

Bitcoin Price Analysis: BTC Could Regain Strength Above This Hurdle

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  • Bitcoin price is attempting a fresh increase from the $29,525 zone against the US Dollar.
  • The price is now trading below $30,400 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $30,180 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $30,400 resistance zone.

Bitcoin price is rising from $29,525 against the US Dollar. BTC might eye another increase if the bulls remain active above the $29,500 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline it failed to clear the $31,800 resistance. BTC declined below the $30,500 and $30,000 support levels to enter a short-term bearish zone.

The recent swing low was formed near $29,525 before the price moved higher. The bulls were able to push the price above the $29,650 and $29,850 levels. The price is now approaching the 23.6% Fib retracement level of the downward wave from the $31,862 swing high to the $29,525 low.

Bitcoin price is now trading below $30,400 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $30,150 level. There is also a key bearish trend line forming with resistance near $30,180 on the 4-hour chart of the BTC/USD pair.

The next major resistance might be near the $30,400 zone or the 50% Fib retracement level of the downward wave from the $31,862 swing high to the $29,525 low.

A clear move above the $30,400 and $30,600 resistance levels might send the price toward $31,200. Any more gains might push the price toward the $32,000 zone. If there is no upside break, the price might start a fresh decline below the $30,000 level.

The first major support is near $29,525. The next key support is near the $29,250 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $28,400 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin’s price is trading below $30,400 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $30,400 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $29,850 and $29,525.

Key Resistance Levels – $30,180, $30,400, and $30,600.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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