Bitcoin price could not surpass $30,600 level. Currently, BTC is having a correction and is likely the buyers start to support Bitcoin around $28,500. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin failed to stabilize above $30,600.
- Currently, the price is below $30,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, Bitcoin has lost a key support level at $29,800.
- It is likely for BTC to fall as low as $28,700.
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Bitcoin Price Action Analysis
Bitcoin set on a new uptrend from $28,500 and turned bullish. With that, BTC managed to surpass $30,000 and the SMA100. However, the sellers increased pressure at $30,600 and pushed Bitcoin down. The highest recorded Bitcoin price in the past few hours has been $30,630. By losing the $30,000 support and the SMA100, the bear run gained a strong momentum.
Subsequently, Bitcoin penetrated below the 50% Fibonacci retracement level from the latest rise from $28,700 to $30,630. Furthermore, BTC lost a key support level on the 1-hour chart on $29,800. At some point, the price had a spike below the 76.4% Fibonacci retracement level.
At this point, BTC is consolidating while facing the $29,500 as the first resistance level. Following that, the $29,650 and the SMA100 will be the next resistance levels to come. Then, the critical $30k support will be next in line. Moving above this level could once again push BTC all the way up to $30,600.
On the other hand, if Bitcoin fails to surpass $29,650, the downtrend will continue. In that case, the $29,000 will be the first support level followed closely by $28,850. The key support level however is at $28,500. Dipping below this level could jump start a plunge that could ultimately bring Bitcoin price down to $27,800.
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 $29,650, $30,000 and $30,600 are the crucial resistance levels for BTC.
Support levels: The $28,850 and $28,500 are currently the key support levels for the price.
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