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.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.