The enigmatic journey of Bitcoin price continues to unfold as it retraces from its recent height of $30,200. Currently residing near the pivotal breakout resistance at $29,400, the king coin showcases its dynamic nature in the midst of market corrections. This volatility underscores the intriguing twists within the crypto realm.
Key Takeaways:
- Bitcoin has undergone correction from $30,200, with BTC price trading below $29,800 but above the $29,400 and the 100-hourly Simple Moving Average (SMA).
- Bullish trend line breach with support around $29,840 on the BTC/USD hourly chart.
- Potential for a fresh upward move if the $29,400 support zone is maintained.
BTC/USD | Source: TradingView
Amidst the fluctuating crypto landscape, Bitcoin’s price recently displayed a decent upsurge, surpassing the resistance levels at $29,400 and $29,500. Despite breaking the $30,000 mark, the day concluded without closing above this pivotal point. The price peaked at around $30,190 before embarking on a corrective decline.
A dip beneath the $30,000 and $29,800 thresholds followed. The price even breached the 23.6% Fibonacci retracement level, encompassing the rise from the $28,628 low to the $30,190 high. Additionally, a key bullish trend line succumbed to bearish pressure, with support approximately at $29,840, evident on the BTC/USD hourly chart.
However, Bitcoin’s price currently remains above $29,400 and the 100-hourly Simple Moving Average (SMA), effectively holding the key pivot zone. Proximity to the 50% Fibonacci retracement level, which accounts for the rally from the $28,628 low to the $30,190 high, further supports this stance.
Read More: Bitcoin Price Prediction
Conclusion
Bitcoin price has demonstrated its resilience as it corrects from its recent peak. While it faces immediate resistance near $29,680 and subsequent resistance at $29,800 and $30,000, a triumphant breach of the $30,200 resistance could pave the way for further upward momentum.
On the flip side, failure to overcome the $29,800 resistance might trigger a renewed decline. The $29,400 and $29,300 levels are the immediate support zones, with the 100-hourly SMA playing a significant role. A breach of these support levels might indicate bearish sentiments, potentially leading to a revisit of the $29,000 mark or even $28,680 in the short term.
Source: NewsBTC
FAQs
What levels are crucial for Bitcoin's near-term movement?
Immediate resistance levels for Bitcoin price include $29,680, $29,800, and $30,000. The pivotal support levels are $29,400 and $29,300.
What impact does breaching the $30,200 resistance have on Bitcoin's trajectory?
Overcoming the $30,200 resistance could spark sustained upward movement, potentially targeting $31,200 or even $32,000 in the coming days.
How can Bitcoin investors manage potential losses?
Should Bitcoin price fail to clear the $29,800 resistance, it might encounter losses. Immediate support rests at $29,400, while the 100-hourly SMA around $29,300 serves as a major support level.
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