Bitcoin is currently struggling to stay above the $29,200 mark, and the price is trading below $29,500 and the 100 hourly Simple moving average. There is a bearish trend line forming with resistance near $29,450 on the BTC/USD hourly chart, indicating that the price could continue to decline if it breaks the $29,200 support zone.
Key Points:
1. Bitcoin price faced rejection above the $30,000 resistance zone and dropped below $30,000 and $29,800 levels.
2. Bulls are putting up a fight near the $29,300 zone, but the price is still trading below $29,500 and the 100 hourly Simple moving average.
3. A bearish trend line is forming with resistance near $29,450, and the next major resistance is near the trend line and $29,500.
4. If Bitcoin fails to clear the $29,500 resistance, it could continue to move down with immediate support near the $29,320 level.
5. The next major support is near the $29,220 level or the 61.8% Fib retracement level.
Hot Take: Bitcoin’s struggle to maintain a positive zone above $29,200 is a concerning sign for the cryptocurrency. The resistance near $29,500 and the bearish trend line are further obstacles for a potential increase. If the price fails to clear these levels, we might see more losses in the near term, with a possible revisit to $29,000 or even $28,500. The key support and resistance levels to watch are $29,220, $29,400, $29,500, and $30,000.
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