Bitcoin Price Rejects $30K But This Variable Can Trigger A Fresh Increase

Bitcoin price attempted an upside break above the $30,000 resistance. BTC failed and corrected lower toward the $28,400 support zone.

• Bitcoin is struggling to gain pace above the $29,400 and $29,500 resistance levels.
• The price is trading below $29,200 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance near $28,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it stays above the $27,850 support zone.

Bitcoin Price Remains Supported

Bitcoin price gained pace for a move above the $29,200 resistance zone. However, BTC struggled to remain in a positive zone above the $29,400 and $29,500 resistance levels.

The bulls struggled near the $30,000 resistance zone. A high was formed near $29,975 and the price started a fresh decline. There was a move below the $29,500 and $29,200 support levels. A low is formed near $28,360 and the price is now consolidating losses.

Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,950 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $28,750 level. It is close to the 23.6% Fib retracement level of the recent decline from the $29,975 swing high to the $28,360 low. The next major resistance sits near the $29,000 zone and the trend line.

Source: BTCUSD on TradingView.com

The first major resistance is near $29,200 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $29,975 swing high to the $28,360 low. A close above the $29,200 resistance could send Bitcoin toward $29,500. Any more gains could open the doors for a test of the key barrier at $30,000.

More Losses in BTC?

If Bitcoin’s price fails to clear the $29,200 resistance, it could continue to move down. Immediate support on the downside is near the $28,400 level.

The next major support is near the $27,850 zone, below which the price might dive toward the $27,200 support zone. Any more losses might take Bitcoin toward $26,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level.

Major Support Levels – $28,400, followed by $27,850.

Major Resistance Levels – $29,000, $29,200, and $30,000.

Source