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Bitcoin Price Prediction – Can BTC Reverse Above $30,000?

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Bitcoin Price Prediction – Can BTC Reverse Above $30,000?


Bitcoin fell and tested the $29,000 support level against the US dollar. To begin a decent increase, BTC must settle above the $30,500 resistance. BITCOIN failed to gain traction above $31,000 and fell below $30,000.

The price is currently trading above the $30,000 level as well as the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there was a break above a connecting bearish trend line with resistance near $29,600. If the pair closes above the $30,500 resistance, it could gain bullish momentum.

Bitcoin’s Price is Under Pressure

Bitcoin’s price began a downward correction from the $31,500 level. BTC was trading below the $30,000 support level as well as the 100 hourly simple moving average.

BTC/USD

The price fell below $29,500, but the bulls were active near the $29,000 level. The price has formed a low near $29,060 and is now recovering losses. There was a clear upward movement above the $29,500 mark. The price broke through the 23.6 percent Fib retracement level of the recent decline from the swing high of $31,390 to the low of $29,060.

Near the $30,300 level, there is immediate resistance. It is close to the 50% Fib retracement level of the recent decline from the swing high of $31,390 to the low of $29,060. A successful close above $30,300 could pave the way for a significant increase.

The next major resistance is around $31,400. A clear break above the $30,300 and $31,400 resistance levels could kick-start a new uptrend in the coming sessions. The next major resistance level could be near $32,500, after which the price could rise to $34,000.

Bitcoin Price Drop?

If bitcoin fails to break through the $31,400 resistance level, it may begin a new decline. On the downside, there is immediate support near $29,600.

The first major support is around $29,000. A break and close below the $29,000 support level could signal the start of a major decline. Good luck!

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