BTC price targets $31K, with key support being crucial.
Bitcoin price failed to surpass $31,800 and corrected most of its gains. BTC is now attempting a fresh increase from the $29,950 support zone.
Bitcoin is consolidating losses above the $30,000 support zone.
The price is trading below $30,500 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if there is a close above $30,400.
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BTC price targets $31K, with key support being crucial. Bitcoin Price Holds Key Support
The price of Bitcoin showed some positive movement by surpassing the $31,400 resistance level, but it struggled to maintain momentum and couldn't break through the $31,800 level. As a result, it remained below $32,000. The highest point reached was around $31,790, but then the price sharply declined. This led to a drop below the $31,000 and $30,400 levels, with the price even going below $30,000. However, the price has since stabilized and formed a low near $29,950. Currently, Bitcoin is trading below $30,500 and the 100 hourly Simple Moving Average, with a bearish trend line forming resistance near $30,320 on the hourly chart of the BTC/USD pair. The immediate resistance level is around $30,300 and the trend line, while the first major resistance level is near $30,400. If the price manages to surpass this level, it could gain bullish momentum. BTC price targets $31K, with key support being crucial.
Based on current trends, it is possible that BTC will increase in value towards the $30,850 resistance level. This level is close to the 50% Fib retracement level of the downward movement from the $31,790 swing high to the $29,950 low. The next significant resistance level is around $31,150, and any further gains could potentially lead to an increase towards the $31,800 resistance zone.
More Losses in BTC?
Bitcoin may face a downside correction if it fails to clear the $30,380 resistance. The immediate support on the downside is around the $30,200 level, followed by the next major support near the $30,000 level. If the price falls below this level, it could drop towards the $29,750 support zone. Further losses might lead to the price reaching the $29,350 level in the near future.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $30,200, followed by $30,000.
Major Resistance Levels – $30,380, $30,850, and $31,150.
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.