Bitcoin's price rejected the $31K level and is now at risk of dropping to $30K.
Bitcoin price failed to settle above $31,000 and corrected lower. BTC could continue to move down toward the $30,000 support zone.
Bitcoin is correcting gains from the $31,000 and $31,250 resistance levels.
The price is trading below $30,800 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline and test the $30,000 support zone.
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Bitcoin's price rejected the $31K level and is now at risk of dropping to $30K. Bitcoin Price Corrects Lower
The price of Bitcoin was unable to surpass the resistance zone of $31,000 and began to decline, falling below the levels of $31,000 and $30,850. A bullish trend line connecting the price near $30,750 was broken by the bears, causing the price to drop below $30,250 and form a low near $30,160. Currently, the price is consolidating its losses, trading near the 23.6% Fib retracement level of the recent decline. Bitcoin is trading below $30,800 and the 100 hourly Simple Moving Average. The immediate resistance level is around $30,600, with the first major resistance level near the $30,750 level and the 100 hourly Simple Moving Average. If the price manages to surpass the 50% Fib retracement level of the recent decline, it may retest the $31,000 level. Bitcoin's price rejected the $31K level and is now at risk of dropping to $30K.
A close above the $31,000 resistance could start a steady increase. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.
More Losses in BTC?
Bitcoin's price may face resistance at the $31,750 level, which could lead to a downward trend. The immediate support lies around the $30,150 mark, followed by the recent low. If the price continues to fall, it may reach the major support level of $30,000, and further losses may cause it to drop to around $29,550. In the coming sessions, the price may even fall to the $29,200 zone.
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 – $30,150, followed by $30,000.
Major Resistance Levels – $30,750, $31,000, 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.