Bitcoin Price Stuck In A Range
Bitcoin is currently consolidating below the $31,000 resistance zone and is trading below $30,500 and the 100 hourly Simple moving average. There is a key declining channel forming with resistance near $30,200 on the hourly chart of the BTC/USD pair. The price could potentially correct lower towards the $29,550 support or even $29,000.
Key Points:
- Bitcoin remains in a major range below the $31,000 resistance zone.
- There was an attempt to break above $31,000 but failed.
- Bitcoin is now trading in a range near the 23.6% Fib retracement level.
- Immediate resistance is near $30,200, followed by $30,420.
- An upside break above $31,000 could lead to further gains towards $31,500 and $32,200.
- If the price fails to clear the $30,420 resistance, it could continue to move down towards $30,000 and $29,550.
Hot Take:
Bitcoin is currently trapped in a range, struggling to break above the $31,000 resistance. The price is trading below key levels, indicating a potential correction towards lower support levels. However, if there is a breakout above $31,000, we could see further upside momentum. It’s important to watch the support and resistance levels closely to determine the next move for Bitcoin.
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