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  • Writer's pictureSarah Dixon

Bitcoin price drops after rejection, bears target new lows.


Bitcoin price drops after rejection, bears target new lows.
Bitcoin price drops after rejection, bears target new lows.

Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.

  • Bitcoin is moving lower below the $30,000 pivot level.

  • The price is trading below $30,000 and the 100 hourly Simple moving average.

  • There is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could extend its decline below the $29,500 support zone.

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Bitcoin price drops after rejection, bears target new lows. Bitcoin Price Turns Red Again

Bitcoin attempted to surpass the $30,400 resistance level, but failed to settle above the $30,350 level and began to decline. The price dropped below the $30,000 support zone and the 100 hourly Simple Moving Average, resulting in a bearish reaction. Furthermore, it fell below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high. Currently, Bitcoin is trading below $30,000 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a key bullish trend line forming with support near $29,720. The immediate resistance is near the $30,000 level and the 100 hourly Simple Moving Average, followed by the first major resistance at $30,150. The next major resistance levels are $30,350 and $30,400. A close above the $30,400 level could initiate a fresh increase. Bitcoin price drops after rejection, bears target new lows.


Source: BTCUSD on TradingView.com
Source: BTCUSD on TradingView.com

In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.


Fresh Low in BTC?

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,720 level and the trend line.


The next major support is near the $29,650 level, below which the price could revisit the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses might call for a move toward the $28,200 level in the near term.


Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $29,650, followed by $29,500.

Major Resistance Levels – $30,000, $30,150, and $31,400.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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