Bitcoin Price Holds Ground Post US CPI and Looks Primed for More Gains

Bitcoin price is consolidating gains near the $30,000 zone. BTC could start another increase if it clears the $30,250 resistance zone.

  • Bitcoin corrected lower and tested the $29,650 support zone.
  • The price is trading above $29,650 and the 100 hourly Simple moving average.
  • There is a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase if there is a close above the $30,250 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price started a downside correction from the $30,550 zone. BTC declined below the $30,000 support zone. There was also a move below the 23.6% Fib retracement level of the upward wave from the $28,200 swing low to the $30,586 high.

However, the bulls were active near the $29,650 zone. Besides, the US CPI posted another decline to 5% in March 2023. It helped BTC to remain in a positive zone above the $29,650 level.

Bitcoin price is now trading above $29,800 and the 100 hourly Simple moving average. There was a move above the 50% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.

Immediate resistance is near the $30,250 level. There is also a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 61.8% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.

Source: BTCUSD on TradingView.com

The next major resistance is near the $30,500 zone. A close above the $30,500 resistance might start a strong increase. In the stated case, the price may perhaps rise toward the $31,200 level. The next key resistance is near the $32,000 level, above which BTC could rise toward the $33,500 level.

Another Drop in BTC?

If Bitcoin’s price fails to clear the $30,250 resistance, it could another decline. Immediate support on the downside is near the $29,850 level.

The next major support is near the $29,650 zone. A downside break and close below the $29,650 support might push the price back toward $29,200 or the 100 hourly Simple moving average.

Technical indicators:

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

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

Major Support Levels – $29,850, followed by $29,650.

Major Resistance Levels – $30,250, $30,500, and $31,200.

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