Bitcoin price finally managed to stabilize above $29,600. In order to turn bullish, BTC must surpass $31,350 indefinitely. Here is a summary of Bitcoin price in the past 24 hours:
- BTC is making an attempt to surpass $30,500 and $30,600.
- Currently, BTC is trading around $30,000 and the 1-hour candles are near the SMA100.
- On the 1-hour chart, we see a new uptrend forming with support level at $29,650.
- In case Bitcoin price manages to surpass $31,350, there could be a new bull run to follow.
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Bitcoin Price Action Analysis
BTC finally found support from buyers at $29,000 and bounced back. Subsequently, the price broke through $29,500 and the SMA100. Following that, BTC moved above $30,000 and the 50% Fibonacci retracement level from the latest fall from $31,390 to $29,060. However, the selling pressure started to slow the growth down at $30,500. With that, BTC peaked at $30,600 right on the 61.8% Fibonacci retracement level.
Currently, Bitcoin price is at $30,000 and the 1-hour candles are near the SMA100. On the 1-hour chart, we have a new uptrend forming with support level at $29,650.
The first resistance level for BTC is at $30,600 followed by the key level at $31,350. Surpassing the $31,300 and $31,350 could jump start a new bull run for Bitcoin. The next resistance level will be $32,000. Further growth could push Bitcoin price closer to $33,200.
On the other hand, if Bitcoin price fails to surpass $30,600, there will be a new downtrend to follow. In that case, the $29,650 is the first support level followed closely by $29,150. Dipping below $29,150 could strongly increase selling pressure on BTC. For this scenario, BTC could fall as low as $28,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $30,600, $31,350 and $32,000 are the crucial resistance levels for BTC.
Support levels: The $29,650 and $29,150 are currently the key support levels for the price.
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