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Friday, February 16, 2024

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Bitcoin Reclaims $30K, Why Bulls Face Uphill Task

Bitcoin started a fresh increase from the $28,500 support zone against the US Dollar. BTC must clear $30,600 to move further into a positive zone.

Bitcoin formed a base above $28,500 and started a fresh increase.
The price is now trading above the $30,000 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if there is a clear move above $30,600.

Bitcoin Price Is Facing Resistance
Bitcoin price found support near the $28,500 zone after a steady decline. A base was formed near $28,600 and started a fresh increase.
There was a clear move above the $29,500 resistance zone and the 100 hourly simple moving average. The bulls even pushed the price above the $30,000 resistance zone. However, they are now facing an uphill task near the $30,600 zone.
There is also a major bearish trend line forming with resistance near $30,400 on the hourly chart of the BTC/USD pair. A high is formed near $30,721 and the price is now consolidating gains.
The price is trading above the 23.6% Fib retracement level of the upward move from the $28,590 swing low to $30,721 high. An immediate resistance is near the $30,400 level. The next major resistance is near the $30,600 level.

Source: BTCUSD on TradingView.com
A clear move above the $30,400 and $30,600 resistance levels might start a fresh increase in the near term. The next key resistance could be near the $31,500 level, above which the price might gain bullish momentum.
Fresh Decline in BTC?
If bitcoin fails to gain pace above the $30,600 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $30,000 level. The first major support is near the $29,800 level and the 100 hourly SMA.
The next major support sits near the $29,655 level. It is near the 50% Fib retracement level of the upward move from the $28,590 swing low to $30,721 high. A downside break and close below the $29,650 support might start another decline. In the stated case, the price could drop towards the $28,500 level.
Technical indicators:
Hourly MACD – The MACD is now slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,800, followed by $29,650.
Major Resistance Levels – $30,600, $31,200 and $31,500.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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