Bitcoin price is struggling to climb above $29,500. The risk of more downside remains for BTC if there is a close below the $28,800 support.

  • Bitcoin is still struggling to break above the $29,500 pivot level.

  • It is trading below $29,200 and the 100 hourly simple moving average.

  • There is a key bearish trend line forming with resistance near $29,100 on the hourly chart of the BTC/USD pair (data source from Kraken).

  • The pair might attempt to launch a fresh increase towards the $29,500 resistance area.

Bitcoin price fluctuates slightly

Bitcoin price struggled to break out of the $29,500 resistance zone. BTC started a fresh decline within the range and declined below the $29,250 level.

There was a close below the $29,250 level and the 100 hourly simple moving average. However, the bulls protected the range support of $28,800. The price traded as low as $28,800 and recently started a short term upside correction.

The price broke the 23.6% Fib retracement level of the down move from the $29,395 swing high to $28,800 low. However, the bears are active near the $29,200 resistance area. There is also a key bearish trend line formed with resistance near $29,100 on the hourly chart of the BTC/USD pair.

Bitcoin price is trading below the $29,200 level and the 100 hourly simple moving average. An immediate resistance is near the $29,100 area, the trend line, and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the down move from the $29,395 swing high to $28,800 low.

The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level, above which the price could rise towards the $29,750 resistance area. A close above the $29,750 resistance area is likely to start a significant increase. In the mentioned case, the price might even break the $30,000 resistance level.

Bitcoin Loses More?

If bitcoin fails to clear the $29,100 resistance, it could start a fresh decline. An immediate support on the downside is near $29,000.

The next major support is near the $28,800 level, below which the price is likely to accelerate lower. The next support is near the $28,400 level. Any more losses might warrant a move towards the $28,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is currently accelerating in the bearish zone.

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

Major Support Levels – $29,000, followed by $28,800.

Major Resistance Levels – $29,100, $29,400, and $29,500.