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  • Writer's pictureConnie Chan

Bitcoin price hits bearish target, bears not done.


Bitcoin price hits bearish target, bears not done.
Bitcoin price hits bearish target, bears not done.

Bitcoin price extended its decline and traded below $29,000. BTC is still at risk of more downsides toward the $28,200 support zone in the near term.

  • Bitcoin is gaining bearish momentum below the $29,200 level.

  • The price is trading below $29,500 and the 100 hourly Simple moving average.

  • There was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could extend its decline toward the $28,200 support zone.

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Bitcoin price hits bearish target, bears not done. Bitcoin Price Turns Red

The price of Bitcoin has fallen below the support zone of $30,000, indicating a bearish trend. The key support zone of $29,650 was also broken, leading to a fresh decline. The hourly chart of the BTC/USD pair shows a break below a major bullish trend line with support near $29,700. The pair has tested the $28,880 level and formed a new weekly low. Currently, the price is consolidating losses and trading below $29,500 and the 100 hourly Simple Moving Average. The immediate resistance is near the $29,250 level, which is close to the 23.6% Fib retracement level. The first major resistance is near the $29,750 level and the 100 hourly Simple Moving Average, which is near the 61.8% Fib retracement level. Bitcoin price hits bearish target, bears not done.


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

The next major resistance is near the $30,000 level. A close above the $30,000 level might start a fresh increase. In the stated case, the price could rise toward the $30,400 resistance. Any more gains could open the doors for a move toward the $30,850 resistance zone.


More Losses in BTC?

If Bitcoin fails to clear the $29,250 resistance, it could continue to move down. Immediate support on the downside is near the $28,880 level.


The next major support is near the $28,500 level, below which the price could struggle to recover. The next support is near the $28,200 level. Any more losses might call for a move toward the $27,500 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 – $28,880, followed by $28,200.

Major Resistance Levels – $29,250, $29,750, and $30,00


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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