Bitcoin price is moving lower below $29,500. BTC could start a fresh increase if there is a close above the $30,000 resistance zone.

Bitcoin is slowly moving lower below the $29,500 pivot level.
The price is trading below $29,300 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $29,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt a fresh increase toward the $29,750 resistance zone.

Bitcoin Price Starts Fresh Decline

Bitcoin price struggled to clear the $30,000 resistance zone. BTC started a fresh decline below the $29,750 and $29,500 support levels.

There was a close below $29,200 and the 100 hourly Simple moving average. The price even spiked below the $29,000 level. A low is formed near $28,932 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low.

Bitcoin is now trading below $29,300 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,100 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $29,275 zone and the 100 hourly Simple moving average. The first major resistance is still near the $29,450 level or the 50% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low.

Source: BTCUSD on TradingView.com

The next major resistance is near the $29,750 level, above which the price might rise toward the $30,000 resistance zone. A close above the $30,000 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,400 resistance.

More Losses In BTC?

If Bitcoin fails to clear the $29,450 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level and the trend line.

The next major support is near the $28,750 level, below which the price could accelerate lower. The next support is near the $28,40 level. Any more losses might call for a move toward the $28,000 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 – $29,100, followed by $28,750.

Major Resistance Levels – $29,450, $29,750, and $30,000.

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Filed under: Bitcoin - @ August 3, 2023 5:09 am