Bitcoin Struggles to Gain Momentum Above $29,500 Pivot Level
The Bitcoin price is currently trading below $29,200 and the 100 hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC/USD pair. However, the pair could attempt a fresh increase towards the $29,500 resistance zone.
Key Points:
- Bitcoin price is trading below $29,200 and the 100 hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near $29,100.
- The price struggled to clear the $29,500 resistance zone.
- The bulls protected the range support at $28,800.
- Immediate resistance is near the $29,100 zone, the trend line, and the 100 hourly Simple Moving Average.
The first major resistance is near the $29,400 level, followed by the $29,500 level. If the price manages to rise above these levels, it could reach the $29,750 resistance zone. A close above $29,750 could potentially lead to a decent increase and even surpass the $30,000 resistance level.
Hot Take:
Bitcoin’s current struggle to gain momentum above the $29,500 pivot level indicates a potential bearish trend. Failure to clear the $29,100 resistance could lead to a fresh decline, with immediate support at $29,000. Further losses may call for a move towards the $28,800 and $28,400 support levels. Traders should closely monitor the price action and key resistance levels for potential trading opportunities.
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