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Home»Analysis»Bitcoin Price Drops After Rejection, Here’s Why Bears Are Pursuing New Lows
Analysis

Bitcoin Price Drops After Rejection, Here’s Why Bears Are Pursuing New Lows

2023-07-24No Comments3 Mins Read
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Bitcoin price is falling from the USD 30,350 level. BTC is showing bearish signs and it could decline further towards the USD 29,650 and USD 29,500 support levels.

  • Bitcoin is moving lower below the $30,000 pivot point.
  • The price is trading below $30,000 and the 100 simple hourly moving average.
  • A major bullish trendline is forming with support near USD 29,720 on the BTC/USD pair hourly chart (Kraken data feed).
  • The pair could extend its decline below the $29,500 support zone.

Bitcoin price turns red again

Bitcoin price attempted another rise above the $30,400 resistance zone. However, BTC struggled to pass the USD 30,350 level and it started a fresh decline.

There was a bearish reaction below the $30,000 support zone and the 100 Simple hourly moving average. The price fell below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high.

Bitcoin is trading below $30,000 and the 100 simple hourly moving average. A major bullish trendline is also forming with support near USD 29,720 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $30,000 level and the 100 hourly simple moving average. The first major resistance is near the USD 30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the USD 30,400 level could trigger a fresh increase.

Bitcoin price

Source: BTCUSD at TradingView.com

In the said case, the price could rise towards the $30,850 level. More gains could open the door for a move into the $31,200 resistance zone.

See also  Classic Bitcoin Indicator Suggests 2024 Bull Run, Says Trader That Collapsed May 2021

Fresh low in BTC?

If Bitcoin fails to clear the USD 30,000 resistance, it could fall further. Immediate support on the downside is near the $29,720 level and trendline.

The next key support is near the $29,650 level, below which the price might revise the key support at $29,500. If BTC fails to stay above the USD 29,500 support, the bears could aim for a new low below USD 29,200. The next support is near the $28,650 level. More losses could lead to a move towards the $28,200 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $29,650 followed by $29,500.

Major resistance levels – $30,000, $30,150 and $31,400.

Source link

Bears Bitcoin Drops Heres Lows Price Pursuing Rejection
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