Bitcoin’s price has been struggling to stay above the $30,500 support zone and the 100 hourly Simple Moving Average, indicating bearish signs for the cryptocurrency. There was a break below a contracting triangle on the hourly chart of the BTC/USD pair, with support near $30,200. The pair could extend its decline if it stays below $31,200 for an extended period, which could lead to a nosedive in Bitcoin’s price.
Despite the attempted fresh increase above the $30,500 resistance level, the price failed to sustain its momentum. The price seems to be trading in a range above the $29,850 support zone, but if the bears take control, Bitcoin could face significant losses.
If there is another increase, the price might face resistance near the $30,300 level and the 100-hourly Simple Moving Average. The next resistance zone is near $30,500, above which the price might retest $30,750, which is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.
If the bulls manage to push the price above the $30,750 level, there could be a drift towards $31,000, and the next significant resistance is near the $31,400 level. However, if Bitcoin fails to clear the $30,300 resistance, it could continue to move down, and immediate support on the downside is near the $30,000 level.
The cryptocurrency market is highly volatile, and the price of Bitcoin can fluctuate dramatically in response to a range of factors, including regulatory developments, global economic conditions, and investor sentiment. As such, investors should exercise caution when investing in Bitcoin and other cryptocurrencies and be prepared to weather the ups and downs of this volatile market.
Source: Bitcoinnews
