Bitcoin Price Eyes Fresh Increase as Resistance Holds at $29,500
Note: This article is for informational purposes only and should not be taken as financial advice. Always do your own research before investing in any cryptocurrency.
The price of Bitcoin (BTC) is currently facing strong resistance near the $29,500 level. Despite this, BTC is slowly moving higher and may soon start a steady increase above the resistance zone.
The price of Bitcoin has been trading above $29,000 and the 100 hourly Simple Moving Average. Additionally, a key bearish trend line with resistance near $29,080 has been broken on the hourly chart of the BTC/USD pair, according to data from Kraken.
If the price of Bitcoin can surpass the $29,500 resistance zone, it could potentially lead to a steady increase. In this scenario, the price could test $30,000 and potentially continue to rise towards $31,200.
However, if BTC fails to clear the $29,400 resistance, it could experience a fresh decline. Immediate support on the downside is near the $29,100 level and the 100 hourly Simple Moving Average. Further support can be found near the $28,800 level, followed by the $28,400 level.
At the time of writing, the MACD is gaining pace in the bullish zone and the RSI for BTC/USD is above the 50 level, indicating positive momentum for Bitcoin’s price.
It’s important to note that cryptocurrency markets are highly volatile and unpredictable, and investing in Bitcoin carries inherent risks. It’s always advisable to do your own research and consult with a professional financial advisor before making any investment decisions.
