Bitcoin Price Relatively Muted_ Resistance Estimated Near $30,400

2023-07-21 02:59:47

Bitcoin price is still consolidating above $29,500. BTC must settle above the $30,400 resistance zone to start a steady increase in the near term.

Bitcoin is struggling to clear the $30,000 resistance level.
The price is trading below $30,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $29,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a close above the $30,400 resistance.

Bitcoin Price Remains In A Range

Bitcoin price attempted a fresh increase above the $30,400 resistance zone. However, BTC struggled to settle above $30,400 and reacted to the downside.

There was a break below a key bullish trend line with support near $29,950 on the hourly chart of the BTC/USD pair. The pair declined below the $29,850 level but the downsides were limited. The price stayed above the $29,500 support.

A low is formed near $29,591 and the price is now attempting a fresh increase. There was a move above the $29,650 level. Bitcoin price is now trading below $30,000 and the 100 hourly Simple moving average.

Immediate resistance is near the $30,000 level and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $30,405 swing high to the $29,591 low. The first major resistance is near the $30,100 level.

Source: BTCUSD on TradingView.com

The 61.8% Fib retracement level of the recent decline from the $30,405 swing high to the $29,591 low is also near the $30,100 level. The next major resistance is near $30,400. A close above the $30,400 level might start a fresh increase. In the stated case, the price could rise toward the $30,800 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,600 level.

The next major support is near the $29,500 level, below which the price could accelerate lower. In the stated case, the price could drop toward the $29,200 support zone.

Technical indicators:

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

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

Major Support Levels – $29,600, followed by $29,500.

Major Resistance Levels – $30,000, $30,100, and $31,400.

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