Bitcoin Price Turns Red
The price of Bitcoin is currently trading below the $29,650 resistance zone and the 100 hourly Simple moving average. There is also a bearish trend line forming with resistance near $29,250 on the BTC/USD pair’s hourly chart. The price could potentially continue to decline and break the $29,000 support zone.
Main Breakdowns:
- Bitcoin failed to start a recovery wave above the $29,500 resistance zone.
- The price retested the $29,100 support zone and is now consolidating losses.
- Immediate resistance is near the $29,250 level and the trend line.
- The first major resistance is forming near the $29,500 level, with the main resistance still near $29,650.
- If Bitcoin fails to clear the $29,360 resistance, it could continue to move down.
More Losses In BTC?
If Bitcoin fails to clear the $29,360 resistance, it could continue to move down. The immediate support on the downside is near the $29,100 zone, followed by the major support near the $29,000 level. A downside break below $29,000 might initiate another steady decline towards $28,400.
Hot Take:
Bitcoin’s price is currently facing resistance and struggling to start a recovery wave. If it fails to clear the resistance levels, it could continue to decline. However, if it manages to break through the resistance, a decent increase towards the $30,000 resistance zone may be possible. The overall direction of Bitcoin’s price remains uncertain and further losses cannot be ruled out.
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