Bitcoin price is consolidating gains near the $30,000 zone. BTC could start another increase if it clears the $30,250 resistance zone.
- Bitcoin corrected lower and tested the $29,650 support zone.
- The price is trading above $29,650 and the 100 hourly Simple moving average.
- There is a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if there is a close above the $30,250 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price started a downside correction from the $30,550 zone. BTC declined below the $30,000 support zone. There was also a move below the 23.6% Fib retracement level of the upward wave from the $28,200 swing low to the $30,586 high.
However, the bulls were active near the $29,650 zone. Besides, the US CPI posted another decline to 5% in March 2023. It helped BTC to remain in a positive zone above the $29,650 level.Bitcoin price is now trading above $29,800 and the 100 hourly Simple moving average. There was a move above the 50% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.
Immediate resistance is near the $30,250 level. There is also a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 61.8% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.