Bitcoin Price Could Restart Increase As The Bears Lose Steam

2023-07-20 03:37:43

Bitcoin price is consolidating above $29,500. BTC could start a decent increase if it clears the $30,200 resistance zone in the near term.

Bitcoin is struggling to gain bullish momentum from the $29,500 level.
The price is trading below $30,100 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if there is a close above the $30,200 resistance.

Bitcoin Price Holds Support

Bitcoin price remained well-bid above the $29,500 level. BTC formed a support base and recently corrected a few points higher. There was a minor increase above the$29,850 resistance zone.

The price climbed above the 50% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low. However, the bears are still active near the $30,050 level. There is also a key bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $30,100 and the 100 hourly Simple moving average. Immediate resistance is near the trend line zone. The first major resistance is near the $30,085 level. It is close to the 61.8% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low.

Source: BTCUSD on TradingView.com

The next major resistance is near $30,450. A close above the $30,450 level might start a fresh increase. In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,085 resistance, it could continue to move down. Immediate support on the downside is near the $29,800 level.

The next major support is near the $29,500 level, below which the price could continue to move down. In the stated case, the price could drop toward the $29,200 support zone. Any more losses might send the price toward the $28,400 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $29,650, followed by $29,500.

Major Resistance Levels – $30,085, $30,450, and $31,200.

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