Bitcoin Struggles Under $29,500 – Quick Daily Outlook
Bitcoin fell below the critical $28,500 support level against the US dollar. BTC is falling and may continue to fall towards the $27,500
Bitcoin fell below the critical $28,500 support level against the US dollar. BTC is falling and may continue to fall towards the $27,500 support level.
BITCOIN is falling and is approaching a major resistance level near $29,600. The price is currently trading below the $29,000 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a major bearish trend line is forming with resistance near $29,600. If the pair falls below the $28,500 support, it may continue to fall.
BTC/USD Under Selling Pressure
Bitcoin’s price remains below the critical $30,000 resistance level. BTC began a new decline, falling sharply below the $28,500 support level. The bears drove the price down below $28,000. The price even tested the $27,500 support level, and a low was formed near that level. However, the price recovered quickly and rose above $28,500. The bulls drove the price above $29,000, but they ran into trouble near $29,600.
On the hourly chart of the BTC/USD pair, a major bearish trend line is forming with resistance near $29,600. Bitcoin was trading below the 23.6 percent Fib retracement level of the upward move from the swing low of $27,505 to the high of $29,749.
It is currently trading below the $29,000 mark as well as the 100 hourly simple moving average. On the upside, immediate resistance is near the $29,250 level. The next significant resistance is near $29,600 and the 100 hourly simple moving average.
The main barrier is located near $29,750. It is close to the 50% Fib retracement level of the upward move from the swing low of $27,505 to the high of $29,749. A clear break above the $29,750 resistance level could spark a significant increase. In the aforementioned scenario, the price may rise towards the $30,600 resistance zone.
More Bitcoin Losses?
If Bitcoin fails to break through the $29,600 resistance level, it may continue to fall. On the downside, there is immediate support near the $28,650 level.
The first major support is around $28,500. A break below the $28,500 support level could send the price even lower. In this case, the price may return to the $27,500 support level. Good luck!
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