Bitcoin Price Prediction – Can BTC Reverse Above $29,020?

Bitcoin attempted to break through $32,000 against the US dollar. BTC is struggling and faces further losses below $30,000. After testing

Skerdian Meta•Wednesday, May 11, 2022•1 min read

Bitcoin Price Prediction - Can BTC Reverse Above $29,020?

Bitcoin attempted to break through $32,000 against the US dollar. BTC is struggling and faces further losses below $30,000. After testing the $30,000 level, Bitcoin began a short-term recovery wave. The price is currently trading below $31,500 as well as the 100 hourly simple moving average.

On the hourly timeframe of the BTC/USD pair, a major bearish trend line is forming with resistance near $31,400. If the pair remains below the $32,400 resistance level, it may resume its decline.

Bitcoin’s Price is Under Pressure

Bitcoin’s price has continued to fall below $32,000. BTC traded as low as $29,755 and tested the $30,000 support zone. There has recently been an upward correction above the $31,000 level. The price rose above the 23.6 percent Fib retracement level of the key drop from the swing high of $36,059 to the low of $29,755. The bulls successfully pushed the price above the $32,000 resistance level. However, they encountered significant resistance near the $32,650 level. Bitcoin remained below the key drop’s 50% Fib retracement level from the swing high of $36,059 to the low of $29,755.

BTC/USD

The price is currently trading below $31,500 and the 100 hourly simple moving average. On the hourly timeframe of the BTC/USD pair, a major bearish trend line is forming with resistance near $31,400. On the plus side, the bitcoin price is encountering resistance near the $31,250 mark. The next significant resistance level could be around $31,400. The key breakout zone could be around $32,650. A clear move above the $32,400 and $32,650 levels could kickstart a long-term uptrend.

More Bitcoin Losses?

If Bitcoin fails to break through the $32,400 resistance level, it may continue to fall. On the downside, there is immediate support near $30,500.

The next significant support is seen near the $30,000 mark. A downside break and a close under the $30,000 support level could trigger a new decline. The next major support level could be $29,500, below which the bears could target the $28,800 support zone. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.