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.