Bitcoin Price Faces Another Rejection, Risk of Renewed Downtrend Increases

Bitcoin price failed to clear the $30,000 resistance. BTC is declining and remains at risk of a move toward the $27,200 support zone.

  • Bitcoin is moving lower from the $29,750 resistance zone.
  • The price is trading below $28,800 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $28,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if there is a move below the $28,000 support.

Bitcoin Price Extends Losses

Bitcoin price struggled to clear the $30,000 resistance zone. BTC faced a strong rejection near $29,750 and started a fresh decline. There was a clear move below the $29,200 and $29,000 levels.

It traded close to the $28,000 support. A low is formed near $28,100 and the price is now consolidating losses. It is now trading below $28,800 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,650 on the hourly chart of the BTC/USD pair.

Bitcoin is facing resistance near the $28,600 level. It is close to the 50% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low.

The next major resistance is near the trend line zone or the 61.8% Fib retracement level of the recent decline from the $29,128 swing high to the $28,100 low, above which the price might rise toward the $29,000 resistance zone or the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

Any more gains could open the doors for a decent rally toward the $29,750 resistance. In the stated case, the price may perhaps rise toward the $30,000 level.

More Losses in BTC?

If Bitcoin’s price fails to clear the $28,650 resistance, it could continue to move down. Immediate support on the downside is near the $28,000 level and the recent low.

The next major support is near the $27,650 zone, below which the price might drop toward the $27,200 support zone. Any more losses might take Bitcoin toward the $26,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $28,000, followed by $27,650.

Major Resistance Levels – $28,650, $29,000, and $29,750.

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