Bitcoin is trying to recover above the $28,850 level but is trading below $29,200 and the 100 hourly Simple moving average. A key bullish trend line is forming with support of around $29,250 on the BTC/USD hourly chart.
After the recent Federal Reserve interest rate decision, Bitcoin climbed above the $29,000 resistance zone, and the 23.6% Fibonacci retracement level of the drop from $30,335 to $28,880. However, the bears were active near the $29,600 resistance zone, and the price couldn’t close above the 100 hourly Simple moving average.
The immediate resistance levels are around $29,450 and $29,600, representing the recent drop’s 50% Fibonacci retracement level. If Bitcoin surpasses these resistances, it may aim for the $29,800 level, followed by the crucial $30,000 resistance zone. Further gains could lead to bullish momentum toward the $30,350 level.
However, it could start a fresh decline if Bitcoin fails to clear the $29,600 resistance. The immediate supports are at $29,200 and the bullish trend line. If the price breaks below these levels, it may test the $29,000 support and even drop toward $28,880. The next significant support level is around $28,500; further losses might push the price toward $28,200 in the short term.
Currently, the hourly MACD (Moving Average Convergence Divergence) is showing a slowdown in the bullish zone, while the hourly RSI (Relative Strength Index) is above the 50 level, indicating some positive momentum.
Bitcoin’s price action is crucial around the critical resistance at $29,600. A successful break above this level could trigger further gains toward $30,000. Conversely, a failure to surpass the resistance could result in a downside correction towards $29,000 and lower support levels. As always, traders should closely monitor technical indicators for further insights into the market trend.
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