Bitcoin is currently consolidating above the $30,000 support zone and is trading just below $30,500 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance near $30,300, indicating a potential correction towards the $30,000 support or even $29,550.
Although Bitcoin remained supported near the $30,000 zone and experienced a fresh increase, it struggled to clear the $31,000 resistance zone. The price is now trading just below $30,500 and the 100 hourly Simple moving average, with immediate resistance near the $30,680 level. The first major resistance is near the $30,950 level, followed by the $31,400 resistance zone. The next major resistance levels are $32,000 and $32,500, which could lead to further gains.
However, if Bitcoin fails to clear the $30,950 resistance, it may continue to move down. Immediate support on the downside is near the $30,250 level or the broken trend line zone, with the next major support at $30,000 and a potential drop towards the $29,550 support. The technical indicators show that the MACD is losing pace in the bullish zone and the RSI for BTC/USD is below 50.
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