HomeAltcoin NewsBitcoin Price Analysis: BTC Faces Uphill Task Near $30K

Bitcoin Price Analysis: BTC Faces Uphill Task Near $30K

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  • Bitcoin price started a fresh decline from the $30,200 zone against the US Dollar.
  • The price is now trading above $29,200 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $30,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $29,000 support zone.

Bitcoin price is declining below $29,600 against the US Dollar. BTC might eye another increase if the bulls remain active above the $29,000 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $30,200 resistance zone. A high was formed near $30,222 before the price started a downside correction. There was a clear move below the $29,850 and $29,650 levels.

There was a move below the $29,500 level. The pair spiked below the 50% Fib retracement level of the upward move from the $28,660 swing low to the $30,222 high. It is now trading above $29,200 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $29,650 level. The next major resistance might near the $30,000 zone. There is also a key bearish trend line forming with resistance near $30,000 on the 4-hour chart of the BTC/USD pair.

A clear move above the $30,000 level might send the price toward $30,200, above which the price might rise toward the $31,500 level. Any more gains might push the price toward the $32,500 zone.

If there is no upside break, the price might continue to decline below the $29,400 level. The first major support is near $29,250. It is near the 61.8% Fib retracement level of the upward move from the $28,660 swing low to the $30,222 high.

The next key support is near the $29,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $28,550 level. Any more losses might send the price toward the $27,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $29,200 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $29,000 support zone.

Technical Indicators

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

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

Key Support Levels – $29,200 and $29,000.

Key Resistance Levels – $29,650, $30,000, and $30,200.

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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