Bitcoin price is in a rising sentiments against the US Dollar and currently trading above the $30,000 support zone. It has successfully recovered from the $29,000 but still facing a strong selling pressure near the $30,400 level.

It seems like the bulls are currently struggling to clear the $30,400 resistance, however, if the overbought situation of the 4 hours RSI and the MACD proves to be a fake reversal, the bulls have a chance to break the $30,400 barrier to initiate an uptrend towards $31,000.

On the downside, an immediate support is seen near the $29,200 level, and a break below that could start a fresh decline towards the $28,850 support level.

At the moment, bitcoin is consolidating losses above the $30,000 hurdle, and the bears might test it again anytime. A successful close above the $30,400 resistance level will likely set the price for a sustained move higher in the near term.

In conclusion, Bitcoin is currently trading with a bullish bias above the key $30,000 support. It must clearly break the $30,400 resistance to initiate an uptrend towards the $31,000 level. Conversely, if the bears remain in action, the price might start a downside correction below the $29,200 and $28,850 levels.



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