Bitcoin is currently holding its gains above the $30,000 support zone, although it is trading below $30,500 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a bearish trend line is forming with resistance near $30,500. However, if Bitcoin manages to clear this resistance level and the 100 hourly SMA, it could potentially start a fresh increase.
The price of Bitcoin recently experienced a downside correction below the $30,500 support, briefly dipping below the $30,000 support zone. However, the losses were limited, and the price is now slowly moving higher. It has traded above the 23.6% Fibonacci retracement level and is currently trading above the $30,250 level.
There is resistance near $30,500 and the 100 hourly Simple Moving Average, as well as a bearish trend line forming on the hourly chart. If these resistance levels are surpassed, the bulls may attempt a fresh increase. The first major resistance is near the $30,850 level, followed by the $32,000 level and the $33,200 resistance zone.
If Bitcoin fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $30,000 level, followed by the $29,914 low. The next major support is near the $29,550 level, and any further losses might send the price toward $28,500 in the near term.
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