- BTC battles to gain momentum beyond the resistances of $29.4K and $29.5K.
- The price wavers beneath $29.2K and the 100Hr SMA.
- Bitcoin might launch new upsurges if it steadies beyond the support barrier of $27,850.
Bitcoin Price Still Supported
Bitcoin price gained strength to push beyond the resistance mark of $29,200. Nonetheless, the leading crypto struggled to stay within positive territory above the resistances at $29.4K and $29.5K. The bulls briefly touched the $30K level.
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Meanwhile, BTC printed a high near $29,975 before new downsides appeared. Such actions triggered moves beneath the support at $29.5K and $29.2K. The price consolidates gains at this writing, following a lower near $28,360.
Bitcoin has its price actions beneath $29.2K and the 100-hr SMA. Also, a crucial bearish line is emerging with a hurdle at $28,950 on BTC/USD’s 1-hr timeframe. The nearest resistance stands at $28,750 – near the 23.6% Fibonacci retracement of the latest decline to $28,360 from $29,975. The next crucial obstacle is near the $29K level.
Source – TradingView
Meantime, the initial massive resistance for BTC stands at $29.2K and the 100-hr Simple Moving Average. This level stands near the 50% Fibonacci retracement of the latest dip to $28,360 from $29,975. A closing beyond $29.2K resistance might push BTC to $29.5K. Further upsurges might open the past to explore the crucial barrier at $30K.
More BTC Dips?
Bitcoin will avoid more declines if it overpowers the resistance at $29.2K. Nonetheless, bearish tendencies will drag the dominant crypto towards the closest support at $28.4K. BTC will find another support level near $27,850, under which the asset could plunge to $27.2K. Continued dips would drop Bitcoin to $26.5K in the short term. Nevertheless, analysts remain optimistic as far as Bitcoin’s future is concerned.
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