Bitcoin price failed to surpass $31,800 and corrected most of its gains. BTC is now attempting a fresh increase from the $29,950 support zone.
- Bitcoin is consolidating losses above the $30,000 support zone.
- The price is trading below $30,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above $30,400.
Bitcoin Price Holds Key Support
Bitcoin price rallied above the $31,400 resistance but there was no follow-up move. BTC struggled to clear the $31,800 level and stayed below $32,000.
A high was formed near $31,790 before there was a sharp decline. There was a move below the $31,000 and $30,400 levels. The price even spiked below $30,000. A low is formed near $29,950 and the price is now consolidating losses.Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $30,320 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $30,300 level and the trend line. The first major resistance is near $30,400. It is near the 23.6% Fib retracement level of the downward move from the $31,790 swing high to the $29,950 low, above which the price could gain bullish momentum.