Bitcoin Price Stuck In Range But Here’s Why Bulls Are Safe?

Bitcoin Price Stuck In Range But Here’s Why Bulls Are Safe?

August 3, 2023

Bitcoin price is moving lower below $29,500. BTC could start a fresh increase if there is a close above the $30,000 resistance zone.

  • Bitcoin is slowly moving lower below the $29,500 pivot level.
  • The price is trading below $29,300 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $29,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could attempt a fresh increase toward the $29,750 resistance zone.

Bitcoin Price Starts Fresh Decline

Bitcoin price struggled to clear the $30,000 resistance zone. BTC started a fresh decline below the $29,750 and $29,500 support levels.

There was a close below $29,200 and the 100 hourly Simple moving average. The price even spiked below the $29,000 level. A low is formed near $28,932 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low.

Bitcoin is now trading below $29,300 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,100 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $29,275 zone and the 100 hourly Simple moving average. The first major resistance is still near the $29,450 level or the 50% Fib retracement level of the downward move from the $30,000 swing high to the $28,932 low.

Source: BTCUSD on TradingView.com

The next major resistance is near the $29,750 level, above which the price might rise toward the $30,000 resistance zone. A close above the $30,000 resistance zone could start a decent increase. In the stated case, the price may even surpass the $30,400 resistance.

More Losses In BTC?

If Bitcoin fails to clear the $29,450 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level and the trend line.

The next major support is near the $28,750 level, below which the price could accelerate lower. The next support is near the $28,40 level. Any more losses might call for a move toward the $28,000 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 – $29,100, followed by $28,750.

Major Resistance Levels – $29,450, $29,750, and $30,000.

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