Bitcoin Price Takes Hit
Bitcoin is currently trading with a bearish angle below the $29,250 resistance zone and is trading below $29,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $28,850 on the hourly chart of the BTC/USD pair.
Main Breakdowns:
- Bitcoin remains in a bearish zone below the $29,250 resistance zone.
- The price is trading below $29,000 and the 100 hourly Simple moving average.
- A major bearish trend line is forming with resistance near $28,850.
- The pair could continue to move down and trade below the $28,200 support.
- Immediate resistance is near the $28,750 level.
More Losses In BTC?
If Bitcoin fails to clear the $28,850 resistance, it could continue to move down. Immediate support on the downside is near the $28,400 zone. The next major support is near the $28,200 level. A downside break below the $28,200 level might push the price further into a bearish zone, potentially dropping towards $27,500.
Hot Take:
The current market conditions suggest a bearish outlook for Bitcoin, with resistance levels remaining a challenge for the cryptocurrency. However, there is still potential for a decent increase if the $29,000 resistance is cleared, which could set the stage for a larger increase towards $30,000.
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