Bitcoin Price Struggles for Bullish Momentum Despite Rising Above $30,250

Posted Friday, April 14, 2023 by
Arslan Butt • 1 min read
Bitcoin’s price has advanced beyond the $30,250 zone, although it is having difficulty gaining the same bullish momentum as Ethereum, which could have propelled it above $31,000. Bitcoin remained well-supported above the $29,650 support zone, and it experienced a fresh increase after Ethereum broke to the upside.

While bulls succeeded in pushing Ethereum past the $2,000 and $2,050 resistance levels, Bitcoin did not follow suit, only managing to climb above the $30,250 resistance. The BTC/USD pair saw a break above a significant declining channel with resistance close to $30,200 on its hourly chart.

Bitcoin is currently trading above $30,250 and the 100-hour Simple Moving Average, having reached a high of $30,911. The cryptocurrency is now consolidating gains above the 23.6% Fibonacci retracement level of the upward move from the $29,645 swing low to the $30,911 high.

As for potential support during dips in Bitcoin’s price, if it cannot surpass the $30,750 resistance, a downside correction may occur. Immediate support on the downside lies near the $30,400 level, with the next critical support close to the $30,250 zone or the 50% Fibonacci retracement level of the upward move from the $29,645 swing low to the $30,911 high. A downward break and close below the $30,250 support could drive the price towards the $30,000 support level. Further losses might push the price towards the 100-hour Simple Moving Average.
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