Bitcoin (BTC)Crypto News

Bitcoin Price Prediction – Can BTC Reverse Above $29,020?

Bitcoin attempted to break $32,000 against the US Dollar. BTC is struggling and faces more losses below $30,000. After testing $30,000, Bitcoin started a short-term recovery wave. The price is currently trading below $31,500 and below the 100 hourly simple moving average.

There is a major bearish trend line forming with a Resistance near $31,400. If the pair stays below the $32,400 resistance level, it could continue its decline.

Bitcoin price is under pressure

Bitcoin price has continued to fall below $32,000. BTC traded as high as $29,755 and tested the $30,000 support zone. There has recently been an upward correction above the $31,000 level. The price surged above the 23.6 percent Fib retracement level of the main decline from the swing high of $36,059 to the low of $29,755. The bulls successfully pushed the price above the $32,000 resistance level. However, they faced significant resistance near $32,650. Bitcoin remained below the 50% Fib retracement level of the key drop from the swing high of $36,059 to the low of $29,755.

BTC/USD

The price is currently trading below $31,500 and the 100 hourly simple moving average. On the hourly timeframe of the BTC/USD a major bearish trendline is forming with resistance near $31,400. On the upside, bitcoin price is facing resistance near $31,250. The next significant resistance level could be around $31,400. The main breakout zone could be around $32,650. A clear move above the $32,400 and $32,650 levels might start a long-term uptrend.

More bitcoin losses?

If bitcoin fails to break the $32,400 resistance level, it could fall further. On the upside, there is immediate support near $30,500.

The next significant support is seen near the $30,000 level. A downside break and a close below the $30,000 support level could trigger a fresh decline. The next major support level could be $29,500, below which the bears could target the $28,800 support zone. Much luck!

Source: Crypto News Deutsch

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