Bitcoin Price Correction Likely to Reach $29,500 Before Potential Reversal

Bitcoin’s price has begun a downside correction from the $31,000 zone, and it may continue to decline towards $29,000 before bullish activity resumes. The price initially gained momentum and surged above $30,000 and $30,500 levels before encountering resistance and declining below the $30,500 support zone.

The current price is consolidating near the $29,777 low, having declined below the $30,250 support zone. It is currently trading below the 100 hourly Simple Moving Average and $30,500. The immediate resistance level is at $30,165, followed by the $30,400 zone, where a key bearish trend line is forming with resistance near $30,380.

A close above the $30,400 resistance level could trigger another increase, potentially pushing the price towards the $31,000 and $31,200 resistance levels. However, if the price fails to clear the $30,400 resistance level, it may continue to move down towards immediate support at $30,000 and major support at $29,800. A downside break and close below $29,800 support may lead to further losses towards $29,500 and $29,000.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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