Bitcoin Price Consolidates Below $31K As The Bulls Take Back Seat

2023-06-28 02:44:44

Bitcoin price is still struggling to clear the $31,000 resistance. BTC is trading in a range and might revisit the $30,000 support zone.

Bitcoin is consolidating above the $30,000 support zone.
The price is trading just below $30,500 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower toward the $30,000 support or even $29,550.

Bitcoin Price Faces Resistance

Bitcoin price remained supported near the $30,000 zone. BTC traded as low as $29,914 and recently started a fresh increase. There was a move above the $30,200 and $30,250 levels.

The price cleared the 50% Fib retracement level of the downward move from the $31,436 swing high to the $29,914 low. Besides, there was a break above a major bearish trend line with resistance near $30,300 on the hourly chart of the BTC/USD pair.

However, the bears seem to be active near the $31,000 resistance zone. Bitcoin struggled to clear the 76.4% Fib retracement level of the downward move from the $31,436 swing high to the $29,914 low.

The price is now trading just below $30,500 and the 100 hourly Simple moving average. Immediate resistance is near the $30,680 level. The first major resistance is near the $30,950 level, above which the price might revisit the $31,400 resistance zone.

Source: BTCUSD on TradingView.com

The next major resistance is near the $32,000 level. An upside break above the $32,000 resistance might send BTC toward $32,500. Any more gains could open the doors for a move toward the $33,200 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $30,950 resistance, it could continue to move down. Immediate support on the downside is near the $30,250 level or the broken trend line zone.

The next major support is near the $30,000 level, below which there could be a drop toward the $29,550 support. Any more losses might send the price toward the $28,750 support region in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $30,000, followed by $29,550.

Major Resistance Levels – $30,680, $30,950, and $31,400.

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