Bitcoin, the world’s largest and most popular cryptocurrency, has been facing rejection near the crucial resistance at $30,000, leading to a new wave of bearishness.

As the price of Bitcoin attempts to break the resistance, low business can be observed. Regardless, Bitcoin dropped recently below the $29,000 and $29,200 levels. Selling was stopped, however, as the crypto’s price reached the $28,000-level.

At the moment, Bitcoin is consolidating losses near the $28,800 region and is showing slight signs of a recovery. The 100 hourly Simple moving average is acting as a hindrance for bulls.

To move higher again, Bitcoin requires to clear the $28,650 resistance, which is near the 50% Fib retracement level of the recent drop. Otherwise, it could continue to dip in price and its next major support levels are around $27,650 and $27,200, respectively.

Technical analysis suggests that Bitcoin is encountering strong resistance near $28,650 mark. The MACD is gaining traction in bearish territory on the hourly chart and the RSI is retreating below the 50 level, which implies that the bears are in control of the market.

For the short-term, Bitcoin’s price action is likely to remain within the bearish zone; however, there are some signs of recovery. If BTC rises above the $28,650 resistance, traders might regain some bullish momentum and push the price close to the $29,750 level, opening the door to further gains towards $30,000.



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