Bitcoin recently gained an upward momentum after the bulls managed to keep the price stable above the $27,500 support zone. However, the bears have stalled progress near the $28,800 level and the 50% Fib retracement level of the downward move from the $28,595 swing high to $27,578 low. If bull momentum is increased, Bitcoin’s price could ascend further towards the $29,200 resistance and the $30,000 level.
On the downside, the $27,500 support provides a strong buy zone. If this support fails to hold the price, $27,000 might act as the next major support.
Technical indicators suggest that the bears have an upper hand as the hourly MACD is gaining bearish pace and the hourly RSI is trading below the 50 level. A successful break of the resistance levels at $28,100, $28,500 and $28,800 could call for a retest of the $30,000 resistance. If the bulls can break this resistance level, the price might surge towards the $32,000 level.
Benjamin Anderson
- 2023-04-03
Will Bitcoin Retest $30,000?
Bitcoin recently gained an upward momentum after the bulls managed to keep the price stable above the $27,500 support zone. However, the bears have stalled progress near the $28,800 level and the 50% Fib retracement level of the downward move from $28,595 swing high to $27,578 low. Technical indicators suggest that the bears have an upper hand currently, will bulls be able to gain momentum and push the price up?
