{"id":547106,"date":"2023-08-14T04:30:22","date_gmt":"2023-08-14T04:30:22","guid":{"rendered":"https:\/\/wncen.com\/?p=547106"},"modified":"2024-06-11T14:39:31","modified_gmt":"2024-06-11T14:39:31","slug":"bitcoin-price-grinds-lower-29k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-grinds-lower-29k\/","title":{"rendered":"Bitcoin Price Grinds Lower and Turns Vulnerable If It Struggles Below $30K"},"content":{"rendered":"<p><em>Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is gaining bearish momentum below the $29,500 support.<\/li>\n<li>The price is trading below $29,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move down if it remains below $30,000 for a long time.<\/li>\n<\/ul>\n<h2>Bitcoin Price Trims Gains<\/h2>\n<p>Bitcoin price failed to settle above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-next-leg-lower-28800\/\" target=\"_blank\" rel=\"noopener \">$30,000 resistance zone<\/a>. BTC started yet another decline below the $29,650 and $29,500 levels to move into a bearish zone.<\/p>\n<p>It tested the $29,100 support zone. A low is formed near $29,100 and the price is now consolidating losses. There was a minor upside correction above the $29,250 resistance zone. It cleared the 23.6% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low.<\/p>\n<p>Bitcoin is now trading below $29,500 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-trims-gains-29400\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance is near the $29,360 level. The next major resistance is near the trend line and $29,400. It is close to the 50% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. A close above the trend line could start a decent increase toward $29,650.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-547107\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?resize=1024%2C468\" alt=\"Bitcoin Price\" width=\"1024\" height=\"468\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Bitcoin-6.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/p>\n<p>The main resistance is still near the $30,000 level. A close above $30,000 could start a steady increase. In the stated case, the price could rise toward $30,500 or even $31,200 in the coming days.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to clear the $29,400 resistance, it could continue to move down. Immediate support on the downside is near the $29,200 level.<\/p>\n<p>The next major support is near the $29,000 level or the recent low. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could revisit $28,800. Any more losses might call for a move toward the $28,500 level in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $29,200, followed by $29,000.<\/p>\n<p>Major Resistance Levels \u2013 $29,400, $29,650, and $30,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is moving lower from the $29,500 zone. BTC is showing bearish signs and might decline further below the $29,000 support zone. Bitcoin is gaining bearish momentum below the $29,500 support. The price is trading below $29,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could continue to move down if it remains below $30,000 for a long time. Bitcoin Price Trims Gains Bitcoin price failed to settle above the $30,000 resistance zone. BTC started yet another decline below the $29,650 and $29,500 levels to move into a bearish zone. It tested the $29,100 support zone. A low is formed near $29,100 and the price is now consolidating losses. There was a minor upside correction above the $29,250 resistance zone. It cleared the 23.6% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. Bitcoin is now trading below $29,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $29,400 on the hourly chart of the BTC\/USD pair. Immediate resistance is near the $29,360 level. The next major resistance is near the trend line and $29,400. It is close to the 50% Fib retracement level of the downward move from the $29,694 swing high to the $29,100 low. A close above the trend line could start a decent increase toward $29,650. Source: BTCUSD on TradingView.com The main resistance is still near the $30,000 level. A close above $30,000 could start a steady increase. In the stated case, the price could rise toward $30,500 or even $31,200 in the coming days. More Losses In BTC? If Bitcoin fails to clear the $29,400 resistance, it could continue to move down. Immediate support on the downside is near the $29,200 level. The next major support is near the $29,000 level or the recent low. A downside break below the $29,000 level might start another steady decline. In the stated case, the price could revisit $28,800. Any more losses might call for a move toward the $28,500 level in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $29,200, followed by $29,000. Major Resistance Levels \u2013 $29,400, $29,650, and $30,000.<\/p>\n","protected":false},"author":67,"featured_media":458059,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-547106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Grinds Lower and Turns Vulnerable If It Struggles Below $30K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is moving lower from the $29,500 zone. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Grinds Lower and Turns Vulnerable If It Struggles Below $30K","url":"http:\/\/wncen.com\/news\/bitcoin-price-grinds-lower-29k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-grinds-lower-29k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_173627021.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_173627021.jpg?fit=1000%2C693"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2023-08-14T04:30:22Z","datePublished":"2023-08-14T04:30:22Z","dateModified":"2024-06-11T14:39:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Grinds Lower and Turns Vulnerable If It Struggles Below $30K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-grinds-lower-29k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-grinds-lower-29k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_173627021.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_173627021.jpg?fit=1000%2C693\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2023-08-14T04:30:22Z\",\"datePublished\":\"2023-08-14T04:30:22Z\",\"dateModified\":\"2024-06-11T14:39:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_173627021.jpg?fit=1000%2C693","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=547106"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/547106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/458059"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=547106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=547106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=547106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}