Bitcoin’s Recovery Hinges on Overcoming $30,500 Resistance Level

Bitcoin’s value recently dipped below the $30,000 mark, but managed to find support around $29,200 before rebounding. For a sustained upward trend, BTC must surpass the $30,500 resistance level in the short term.

After initially dropping under $30,000, Bitcoin’s price was buoyed by bullish activity around the $29,200 area. Subsequently, the cryptocurrency’s value increased from a low of $29,123.

Bitcoin then broke through both the $29,800 and $30,000 resistance levels, as well as a significant bearish trend line with resistance near $30,080, as seen on the BTC/USD hourly chart. The cryptocurrency is now facing a $30,500 resistance zone.

Currently consolidating gains, Bitcoin is trading above $30,000 and the 100 hourly Simple Moving Average (SMA), in addition to being near the 23.6% Fibonacci retracement level of the recent surge from the $29,123 low to the $30,480 high.

Immediate resistance is encountered around the $30,400 mark, with the first significant resistance forming near the $30,500 level. A climb above this resistance could trigger a substantial increase.

Potential BTC Downturn?

If Bitcoin’s price fails to break through the $30,500 resistance level, another decline may ensue. Immediate downside support is found near the $30,050 level and the 100 hourly SMA.

The next key support zone is around $29,800, which coincides with the 50% Fibonacci retracement level of the recent upswing from the $29,123 low to the $30,480 high. A downward break and closing price below $29,800 might propel Bitcoin towards the $29,200 support level.

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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