Bitcoin Price Needs To Clear $30K For Hopes of a Fresh Rally

Key Takeaways:

• Bitcoin price is following a bearish path below the $30,000 resistance zone.
• BTC/USD is trading in a major declining channel with resistance near $29,850 on the 4-hour chart.
• The price slide again unless there is a daily close above $30,000.

NEW DELHI (CoinChapter.com) — Bitcoin price is decreasing from the $30,250 resistance. BTC/USD is signaling a downtrend, with a risk of a drop toward $27,500.

Bitcoin Price Struggle Continues

Recently, Bitcoin price saw another rejection above the $30,000 resistance. A high was around $30,284 before the BTC/USD pair started a fresh decline.

There was a sharp decline below the $30,000 level and the 50 simple moving average (blue, 4-hour). The price traded below the $29,250 level, but the bulls were active above the $29,000 zone. A low is formed near $29,103, and the price consolidates losses.

There was a minor recovery wave above the $29,300 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $30,284 swing high to the $29,103 low.

It trades just above $29,350 and the 50 simple moving average (blue, 4-hour). On the upside, Bitcoin is facing resistance near the $29,680 level.

If the bears remain active below $29,900, there is a risk of a fresh decline. Immediate support is near the $29,300 level and the 50 simple moving average (blue, 4-hour). The next key resistance is near the $30,000 zone.

A major declining channel is forming with resistance near $29,850 on the same chart. The channel resistance is near the 61.8% Fib retracement level of the downward move from the $30,284 swing high to the $29,103 low.

A successful daily close above the $30,000 resistance could initiate strong bullish moves. Bitcoin might rise toward $30,400 or even $31,200 in the stated case.

Another Decline?

If not, the price might start another slide below $29,250. Initial support is near the $29,100 level. The next key support is nearly $28,800. A close below the $28,800 support might spark a move toward the $28,000 support zone.

If Bitcoin fails to stay above the $28,000 support, there could be a drop toward the $27,500 level. Any more losses might open the doors for a move toward the $26,500 level.

Bitcoin’s price still follows a bearish path below $30,000. If it stays below $30,000, there could be a fresh drop to $28,000 or even $27,500. Conversely, BTC might rally if there is a close above $30,000-30,250.