Bitcoin price is moving lower below the $30,500 pivot level. BTC could decline heavily if there is a close below the $29,800 support zone in the near term.
- Bitcoin is moving lower below the $30,500 support zone.
- The price is trading below $30,500 and the 100 hourly Simple moving average.
- There was a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline if it stays below $31,200 for a long time.
Bitcoin Price Shows Bearish Signs
Bitcoin price moved into the red zone after it broke the $30,500 support zone. BTC traded below the $30,000 level but the downsides were limited.
The price seems to be trading in a range above the $29,850 support zone. There was a move above the 23.6% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low. The price even attempted a fresh increase above the $30,500 resistance but failed.Bitcoin is now trading below $30,500 and the 100 hourly Simple moving average. There was also a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC/USD pair.
If there is another increase, the price might face resistance near the $30,300 level and the 100 hourly Simple moving average. The next resistance is near the $30,500 zone, above which the price might retest $30,750. It is close to the 50% Fib retracement level of the downward move from the $31,630 swing high to the $29,868 low.
