Bitcoin price failed to gain bullish momentum after the US CPI release. BTC is trading below $30,500 and there is a risk of a drop toward $29,850.
- Bitcoin failed to clear the $30,850 resistance and reacted to the downside.
- The price is trading below $30,500 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if it fails to stay above the $30,200 support.
Bitcoin Price Faces Another Rejection
Bitcoin price attempted a fresh increase above the $30,500 resistance zone. BTC climbed above the $30,750 level but the bears were active near the $30,850 resistance zone.
A high was formed near $30,850 and the price reacted to the downside. There was a break below a connecting bullish trend line with support near $30,620 on the hourly chart of the BTC/USD pair. The pair even declined below the $30,500 support.It is stuck near the 23.6% Fib retracement level of the recent decline from the $30,850 swing high to the $30,230 low. Immediate resistance is near the $30,400 level and the 100 hourly Simple moving average. The next resistance is near the $30,550 zone.