Analyzing Bitcoin’s Potential for Steady Price Increase by Overcoming an Impending Obstacle

John Darbie
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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.

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John Darbie is a seasoned cryptocurrency analyst and writer with over 10 years of experience in the blockchain and digital assets industry. A graduate of MIT with a degree in Computer Science and Engineering, John specializes in blockchain technology, cryptocurrency markets, and decentralized finance (DeFi). His insights have been featured in leading publications such as CoinDesk, CryptoSlate, and Bitcoin Magazine. John’s articles are renowned for their thorough research, clear explanations, and practical insights, making them a reliable source of information for readers interested in cryptocurrency. He actively follows industry trends and developments, regularly participating in blockchain conferences and webinars. With a strong reputation for expertise, authoritativeness, and trustworthiness, John Darbie continues to provide high-quality content that helps individuals and businesses navigate the evolving world of digital assets.
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