Bitcoin holds the key support level of $29,500 against the US dollar. BTC must break through the $31,500 resistance zone to begin a major increase in the near term. BITCOIN is showing some signs of life above the $29,500 support level.

The price is currently trading below $30,500 and the 100 hourly simple moving average. On the hourly timeframe of the BTC/USD pair, a major contracting triangle is forming with resistance near $31,250. If there is a clear move above the $31,500 resistance, the pair could begin a strong rise.

Bitcoin Price Remains Range-bound

Bitcoin price attempted to break through the $31,200 and $31,500 resistance levels. On the other hand, the bears were active near the $31,500 mark. The price corrected gains after reaching a high near $31,550. The support levels of $31,000 and $30,500 were breached. The price has formed a low near $29,848 and is now consolidating in a range. The price rose above the $30,000 resistance level.

The price jumped above the 23.6 percent Fib retracement level of the recent drop from the $31,550 high to the $29,848 low. However, the price stalled at around $30,700, and Bitcoin is currently trading below $30,500 and the 100 hourly simple moving average.

On the upside, there is a major resistance near the $30,400 level and the 100 hourly simple moving average. The first significant resistance is located near the $30,850 level. The main resistance is around $31,250. On the hourly timeframe of the BTC/USD pair, a major contracting triangle is forming with resistance near $31,250.

A clear break above the $31,250 resistance level could propel the price even higher. The next major barrier could be $32,000. Any further gains could signal a trend change and a move towards the $33,200 level.

BTC Downside Break?

If Bitcoin fails to break through the $31,250 resistance level, it may fall further. On the downside, there is immediate support near the $30,000 level. The next major support is around $29,850. The main support is still around $29,500.

A break below the $29,500 support level may trigger another decline. In the aforementioned scenario, the price could fall towards the $28,500 support zone in the near term. Good luck!