Cryptocurrency investors were expecting a major upsurge in Bitcoin price strengthened above the $29,000 level. However, there were two opposing forces, the bulls and bears, competing to make the next move. Initially, the bulls succeeded to take the price beyond $29,000 as Bitcoin price spiked higher above the $29,000 level. Unfortunately, the bullish momentum died as the bulls failed to break the $29,200 resistance barrier.
Since then, the crypto has been trading within a relatively tight range. It is consolidating between the 100-hourly simple moving average and at the time of writing this article, it is trading above the $28,000 pivot point.
Currently, Bitcoin price is stuck beneath the important $28,500 resistance level. If the bulls can clear this resistance zone, the price could increase toward the $29,200 barrier. A successful break of this hurdle will likely push the price higher toward the $30,000 mark.
On the other hand, buyers might struggle to gain strength above the $28,500 level and a bearish correction should be expected. The markets first major support level is near the $27,680 mark and the 100-hourly simple moving average. If there is a drawback from here, the selling pressure may increase further below the $27,210 mark.
At the moment, technical indicators such as the hourly MACD and the Relative Strength Index (RSI) suggest the presence of a bearish reversal pattern. The MACD is losing the bullish momentum and the RSI is near the 50 level. Therefore, if the $28,500 resistance level continues to hold, the crypto could soon start a prolonged corrective wave towards the $27,210 support level.
Jennifer Peterson
- 2023-03-31
Bitcoin Price Hit Close to $29k But Bulls Failed
After an initial surge, the Bitcoin price failed to break the $29,200 resistance barrier. Currently, it is stuck beneath the important $28,500 resistance level and may soon start a prolonged corrective wave towards the $27,210 support level.
![CandleFocus Bitcoin-cryptocurrency-bullsbear-29kvs28k](https://images.candlefocus.com/Bitcoin-Price-Hit-Close-to-dollar29k-But-Bulls-Failed.jpg)