Bitcoin is undergoing a correction, pulling back from the $31,400 zone. The price currently trades below $30,500 and the 100-hourly Simple Moving Average (SMA). A bearish trend line is forming with resistance near $30,550, suggesting further downside movement for the BTC/USD pair.
Correction Phase and Key Support :
After surpassing the $30,000 resistance, Bitcoin entered a positive zone and reached a high near $31,435. However, the price has retraced and is now trading below crucial levels. The immediate support lies at $30,000, with the next significant support at $29,550. Further losses may lead to a test of the $28,500 support level.
Resistance and Potential for Upside :
Bitcoin’s price faces multiple resistance levels, starting with $30,400 and the 100 hourly SMA. A key resistance zone lies near $30,550, coinciding with the bearish trend line. Breaking above these levels could open the door for a retest of the $31,400 resistance and potentially extend gains toward $32,000 and $32,500.
Technical Indicators and Outlook :
The hourly MACD shows increasing bearish momentum, while the RSI for BTC/USD remains below 50. If the price manages to hold above $30,000, a fresh uptrend may develop. However, sustained resistance at $30,550 could maintain the downside pressure. Traders should closely monitor the support levels at $30,000 and $29,550 for potential market moves.
As Bitcoin experiences a corrective phase, key support levels at $30,000 and $29,550 will be crucial in determining further price action. Resistance near $30,550 and the bearish trend line pose challenges for bulls. Traders should stay alert to potential developments and market sentiment in the coming sessions.
Source: https://bitcoinworld.co.in/bitcoin-price-correction-bulls-facing-resistance-near-key-levels/