Bitcoin Price Needs To Clear $30,500 For Hopes of a Fresh Rally

Bitcoin price is again moving lower toward the $29,200 level. BTC must surpass $30,500 to attempt a fresh increase in the near term.

• Bitcoin is showing bearish signs and trading well below the $30,500 zone.
• The price is trading below $30,300 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move down if it stays below the $30,500 resistance.

Bitcoin Price Extends Decline

Bitcoin price attempted a fresh increase above the $30,250 level but failed to gain bullish momentum. BTC stayed below the key $30,500 resistance zone.

A high was formed near $30,447 before the price dropped below $30,000. It traded to a new weekly low at $29,669 and is currently correcting losses. It broke the 50% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low.

The price was able to climb above the $30,000 level. Bitcoin price is now trading below $30,300 and the 100 hourly Simple moving average. Immediate resistance is near the $30,200 level.

There is also a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low.

The first major resistance is near $30,265. The main resistance is now forming near the $30,450 and $30,500 levels. A close above the $30,500 level might start a fresh increase.

Source: BTCUSD on TradingView.com

The next major resistance is near the $30,850 level. Any more gains could open the doors for a move toward the $31,500 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,850 level.

The next major support is near the $29,550 level, below which there could be a drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 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 near the 50 level.

Major Support Levels – $29,850, followed by $29,200.

Major Resistance Levels – $30,200, $30,265, and $30,500.