Bitcoin price is still struggling to clear the $31,000 resistance. BTC is trading in a range and might revisit the $30,000 support zone.
- Bitcoin is consolidating above the $30,000 support zone.
- The price is trading just below $30,500 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower toward the $30,000 support or even $29,550.
Bitcoin Price Faces Resistance
Bitcoin price remained supported near the $30,000 zone. BTC traded as low as $29,914 and recently started a fresh increase. There was a move above the $30,200 and $30,250 levels.
The price cleared the 50% Fib retracement level of the downward move from the $31,436 swing high to the $29,914 low. Besides, there was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC/USD pair.The price is now trading just below $30,500 and the 100 hourly Simple moving average. Immediate resistance is near the $30,680 level. The first major resistance is near the $30,950 level, above which the price might revisit the $31,400 resistance zone.