Bitcoin price attempted an upside break above the $30,000 resistance. BTC failed and corrected lower toward the $28,400 support zone.
- Bitcoin is struggling to gain pace above the $29,400 and $29,500 resistance levels.
- The price is trading below $29,200 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $28,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $27,850 support zone.
Bitcoin Price Remains Supported
Bitcoin price gained pace for a move above the $29,200 resistance zone. However, BTC struggled to remain in a positive zone above the $29,400 and $29,500 resistance levels.
The bulls struggled near the $30,000 resistance zone. A high was formed near $29,975 and the price started a fresh decline. There was a move below the $29,500 and $29,200 support levels. A low is formed near $28,360 and the price is now consolidating losses.Bitcoin price is trading below $29,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $28,950 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $28,750 level. It is close to the 23.6% Fib retracement level of the recent decline from the $29,975 swing high to the $28,360 low. The next major resistance sits near the $29,000 zone and the trend line.