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Bitcoin worth remains to be struggling beneath the $29,650 zone. BTC may acquire bearish momentum if there’s a shut beneath the $29,100 assist.

• Bitcoin is exhibiting a number of bearish indicators beneath the $29,650 zone.
• The worth is buying and selling beneath $29,400 and the 100 hourly Simple transferring common.
• There is a brief-time period bullish development line forming with assist close to $29,320 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may proceed to maneuver down if it breaks the $29,250 and $29,100 assist ranges.

Bitcoin Price Stuck Below $30K

Bitcoin worth remained effectively beneath the $30,000 resistance zone. BTC tried a brief-time period upward transfer however the bears have been energetic close to the $29,650 resistance zone.

A excessive was fashioned close to $29,657 earlier than there was a contemporary decline to $29,250. The worth is now consolidating and buying and selling above the 23.6% Fib retracement degree of the current decline from the $29,657 swing excessive to the $29,250 low.

Bitcoin is now buying and selling beneath $29,400 and the 100 hourly Simple moving average. There can also be a brief-time period bullish development line forming with assist close to $29,320 on the hourly chart of the BTC/USD pair.

Immediate resistance is close to the $29,450 degree. It is near the 50% Fib retracement degree of the current decline from the $29,657 swing excessive to the $29,250 low. The subsequent main resistance is close to $29,500. The primary resistance is now forming close to the $29,650 degree.

Source: BTCUSD on TradingView.com

A shut above the $29,650 resistance may ship the worth towards the $30,000 resistance zone. Any extra good points may change the development and the worth may rise towards $30,500. In the acknowledged case, the worth may even rise towards $31,200 and even $32,200 within the coming days.

More Losses In BTC?

If Bitcoin fails to clear the $29,650 resistance, it may proceed to maneuver down. Immediate assist on the draw back is close to the development line.

The subsequent main assist is close to the $29,250 degree. The first key assist is close to $29,100. A draw back break beneath the $29,100 degree may begin one other regular decline. In the acknowledged case, the worth may drop towards $28,400.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 degree.

Major Support Levels – $29,250, adopted by $29,100.

Major Resistance Levels – $29,450, $29,650, and $30,000.