Bitcoin tried to recover above $30,000 resistance in relation to the US Dollar. BTC may be in a decline as it is near $31,000
- Bitcoin recovered well above the $30,000 mark, but it struggled to stay above $31,000.
- This price has risen to $30,000 and is well beyond the $100 hourly moving average.
- On the hourly chart for the BTC/USD pair, there is support close to $30,000. (Data feed from Kraken).
- A clear of the $30,000 support zone could lead to a new downturn for the pair.
Bitcoin Price Faces Hurdles
From the $25,000 support area, Bitcoin price began a steady recovery. BTC moved above the $28,000 mark and reached the 100-hourly simple moving average.
The $30,000 barrier was even crossed. But, bulls failed to hold above the $31,000 mark. An all-time high was reached at close to $31,390. The market is currently slowing down and moving lower. A move was seen below the level of $31,000.
Bitcoin fell below 23.6% Fib Retracement levels of its upward movement from $28,600 low to $31,390 high. Bitcoin is currently nearing the $30,400 support.
On the hourly chart for the BTC/USD pair, there is a bullish trend line that forms with support at $30,000. Near the $30,000 area is the next support. The Fib level for the upward movement from $28,600 low to $31,390 high is close by.
Source: BTCUSD at TradingView.com
The potential for a significant decline could occur if the downside breaks and falls below $30,000 are possible. If this happens, then the price might fall towards $29,000. Nearly $28,000 is the next level of support, and below that price could start to fall again.
BTC has more upsides
Bitcoin could see a new increase if it stays above $30,000 support. The $31,000 mark is the nearest level of resistance to the upside.
Next is the $31,400 resistance level. Clear moves above the 31,000 and 311,400 resistance levels may signal a further increase. A move above the $32,500 resistance may be the next major hurdle. Above that, prices could rise to $33,000.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is no near the 50 level.
Major Support Levels – $30,400, followed by $30,000.
Major Resistance Levels – $31,000, $31,400 and $32,500.