Bitcoin Price Could Restart Increase As The Bears Lose Steam

Bitcoin, the world’s leading cryptocurrency, finds itself in a challenging position as it struggles to gain bullish momentum beyond the $29,500 level. Currently trading below $30,100 and the 100 hourly Simple Moving Average, Bitcoin faces a significant hurdle in the form of a key bearish trend line near $30,020, as indicated on the BTC/USD pair’s hourly chart sourced from Kraken.

For a potential upward surge to commence, Bitcoin must secure a decisive close above the $30,200 resistance level. While the digital asset has managed to remain relatively well-bid above $29,500, it recently experienced a slight correction higher after forming a support base. The price even surpassed the $29,850 resistance zone, climbing above the 50% Fibonacci retracement level of the notable drop from the $30,447 swing high to the $29,500 low. However, the bears continue to assert their influence near the $30,050 mark. Additionally, a significant bearish trend line is forming, with resistance near $30,020 on the BTC/USD hourly chart.

Presently, Bitcoin trades below $30,100 and the 100 hourly Simple Moving Average, with immediate resistance observed near the trend line zone. The first major resistance stands near $30,085, closely aligned with the 61.8% Fibonacci retracement level of the key drop from the $30,447 swing high to the $29,500 low. Furthermore, the subsequent major resistance level lies around $30,450. A close above this crucial threshold may trigger a fresh upward surge, potentially propelling the price toward the $30,850 level. Subsequent gains could even open doors for a move toward the $31,200 resistance zone.

On the flip side, failure to surpass the $30,085 resistance could result in continued downward movement. Immediate support awaits near the $29,800 level, while the next significant support lies near $29,500. A breach below this level may lead to further downward momentum, with the price potentially descending toward the $29,200 support zone. In the worst-case scenario, more losses could push Bitcoin toward the $28,400 level in the near term.

Analyzing the technical indicators, the hourly MACD reveals a loss of bearish momentum, signaling potential market shifts. Furthermore, the hourly Relative Strength Index (RSI) for BTC/USD currently rests above the 50 level, indicating a balanced sentiment between buyers and sellers.

In conclusion, Bitcoin faces a critical juncture in its journey as it grapples with resistance levels and key support thresholds. Traders and investors keenly await a breakthrough beyond the $30,085 resistance, which could set the stage for a renewed surge. However, the market remains cautious, aware that a failure to overcome this obstacle may trigger further downside potential. As the crypto market evolves, all eyes remain fixated on Bitcoin’s next move.

The post Bitcoin Price Could Restart Increase As The Bears Lose Steam appeared first on BitcoinWorld.