Bitcoin Price Recovers Within Range, Bears Still In Control Below $30K

2023-07-31 03:23:20

Bitcoin price is recovering higher from the $29,000 support. BTC could revisit the key $29,700 resistance zone in the coming sessions.

Bitcoin is slowly moving higher above the $29,200 and $29,300 levels.
The price is trading above $29,300 and the 100 hourly Simple moving average.
There was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise toward the next major resistance at $29,700.

Bitcoin Price Faces Many Hurdles

Bitcoin price retested the $29,050 support zone where the bulls emerged. BTC remained strong above the $29,000 zone and recently started a fresh increase.

There was a clear move above the $29,250 and $29,300 levels. The price broke the 50% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support. Besides, there was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $29,300 and the 100 hourly Simple moving average. It is now facing resistance near the $29,450 level.

It seems like the 61.8% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support is acting as a resistance. The first major resistance is still near the $29,650 level. The next major resistance is near the $29,700 level, above which the price might rise toward the $30,000 resistance zone.

Source: BTCUSD on TradingView.com

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.

Fresh Decline in BTC?

If Bitcoin fails to clear the $29,700 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,300 level and the 100 hourly Simple moving average.

The next major support is near the $29,050 level, below which the price could accelerate lower. The next support is near the $28,800 level. Any more losses might call for a move toward the $28,200 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $29,200, followed by $29,050.

Major Resistance Levels – $29,450, $29,700, and $30,000.

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