Bitcoin price is recovering higher from the $29,000 support. BTC could revisit the key $29,700 resistance zone in the coming sessions.
- Bitcoin is slowly moving higher above the $29,200 and $29,300 levels.
- The price is trading above $29,300 and the 100 hourly Simple moving average.
- There was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise toward the next major resistance at $29,700.
Bitcoin Price Faces Many Hurdles
Bitcoin price retested the $29,050 support zone where the bulls emerged. BTC remained strong above the $29,000 zone and recently started a fresh increase.
There was a clear move above the $29,250 and $29,300 levels. The price broke the 50% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support. Besides, there was a break below a key bearish trend line with resistance near $29,375 on the hourly chart of the BTC/USD pair.Bitcoin is now trading above $29,300 and the 100 hourly Simple moving average. It is now facing resistance near the $29,450 level.
It seems like the 61.8% Fib retracement level of the downward move from the $29,678 swing high to the $29,070 support is acting as a resistance. The first major resistance is still near the $29,650 level. The next major resistance is near the $29,700 level, above which the price might rise toward the $30,000 resistance zone.