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Bitcoin, the foremost cryptocurrency, is facing a significant challenge as it attempts to break through the $30,000 resistance threshold. Currently trading below both the $30,000 mark and the 100 hourly Simple Moving Average (SMA), BTC is on a difficult path.
The hourly chart for the BTC/USD pair from Kraken indicates a drop below a vital bullish trend line, which had previously provided support around $29,950. Despite efforts to rise above the $30,400 resistance area, Bitcoin’s price was unable to maintain that level and saw a downward reaction.
Nonetheless, there is potential for a recovery if Bitcoin can close above the $30,400 resistance. For a new upward movement to commence, BTC must surpass this threshold. The immediate resistance is located near the $30,000 level and the 100 hourly SMA, which aligns with the 50% Fibonacci retracement level of the recent decline from the $30,405 swing high to the $29,591 low. The next significant resistance is at $30,100, followed by the key $30,400 level.
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If a successful breakout above $30,400 occurs, Bitcoin’s price may initiate a renewed upward trend. In this case, it could rise towards the $30,800 level, with additional gains potentially leading to a test of the $31,200 resistance area.
Conversely, if Bitcoin is unable to surpass the $30,000 resistance, a continuation of its downward trajectory is likely. Immediate support is expected around the $29,600 level, with the next critical support positioned at $29,500. A drop below this level could result in a more substantial decline towards the $29,200 support zone.
According to technical indicators, the hourly MACD is showing signs of gaining strength in the bullish zone, suggesting a possible shift in market sentiment. The RSI (Relative Strength Index) for BTC/USD is currently around the 50 level, indicating a balanced market sentiment between buyers and sellers.
In summary, Bitcoin is encountering a significant challenge with the $30,000 resistance level. A successful breakthrough above this barrier could trigger a bullish rally towards $30,800 and beyond. However, failing to overcome this resistance may lead to further downward movement towards critical support levels. Traders and investors should closely observe market dynamics to assess the cryptocurrency’s next steps.
The post Bitcoin Faces Strong Resistance at $30,000: Can it Overcome the Hurdle? appeared first on BitcoinWorld.
