Bitcoin found support near $29,350 and recovered against the US dollar. BTC must break through the $31,000 resistance and the 100 hourly SMA to continue higher. BITCOIN has begun a recovery wave from the $29,350 level. The price is currently trading below $31,000 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 $31,000. If there is no clear move above the $31,000 resistance, the pair may resume its decline.

Bitcoin Recovers $30,000

Bitcoin’s price has continued to fall below the $30,000 support level. However, downside risks were limited to below $29,500. The price established a base near $29,350 and began a recovery wave.

The price rose above the $30,000 resistance level. The price climbed above the 23.6 percent Fib retracement level of the recent drop from the swing high of $32,400 to the low of $29,328.It even broke through the $30,500 resistance zone, but bears were active near $31,000.

Bitcoin is currently trading below $31,000 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 $31,000. The trend line is near the recent drop’s 50% Fib retracement level from the swing high of $32,400 to the low of $29,328.

On the upside, immediate resistance is near $30,800. The next significant resistance area is nearly $31,000 and the 100-hourly simple moving average.

A clear break above the $31,000 resistance level could kick-start another rally. The price could rise to the $32,000 resistance level in the stated scenario. The next significant resistance is located near the $32,400 level.

What if the Bitcoin Price Drops?

If Bitcoin fails to break through the $31,000 resistance level, it may fall further. On the downside, there is immediate support near the $30,000 level.

The next significant support is around $29,350. A break below the $29,350 support level could trigger a sharp decline. The price could return to the $28,250 support level in this scenario. Good luck!