Bitcoin is currently facing a significant challenge as it struggles to surpass the $31,000 resistance level. The price is trading below $30,500 and the 100 hourly Simple Moving Average, indicating that the bears may have the upper hand in the short term. There is also a key declining channel forming with resistance near $30,200 on the hourly chart of the BTC/USD pair.
If the price fails to clear the immediate resistance near the $30,200 level, it could continue to move down. Immediate support on the downside is near the $30,000 level, followed by the next major support near $29,850. A breakdown below these levels could send the price towards the $29,550 support or even lower towards $29,000 in the near future.
Despite the recent attempts to break above the $31,000 resistance level, Bitcoin’s price has remained in a major consolidation range below this level. A high was formed near $31,008 before there was a fresh decline, indicating that the bears are still in control.
However, if there is an upside break above the $31,000 resistance level, it could send BTC towards $31,500. Any further gains could open the doors for a move towards the $32,200 resistance zone.
In summary, Bitcoin is currently consolidating below the $31,000 resistance zone, and its price could correct lower towards the $29,550 support or even $29,000 if it stays below $31,000 for an extended period. Immediate resistance is near the $30,200 level, followed by the $30,420 level or the 100 hourly SMA. Traders will be closely monitoring the price action around these levels to gain insights into Bitcoin’s short-term direction.
Source: NEWSBTC
