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Bitcoin bears losing steam, what could trigger a decent recovery?

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The price of Bitcoin extended its decline below the $ 30,000 support against the US Dollar. BTC is finding offers close to $ 29,250 and could attempt an upward correction.

Bitcoin is following a bearish path and broke the key $ 30,000 support zone. The price is now trading well below $ 31,000 and the 100 hourly simple moving average. A key bearish trend line is forming with resistance near $ 31,300 on the hourly chart of the BTC / USD pair (data feed from Kraken). The pair could start a decent upward correction if it holds steady above the $ 29,250 level.

Bitcoin price settles below $ 30K

Bitcoin price extended its decline below the $ 30,200 and $ 30,000 support levels. BTC even settled well below the $ 30,000 level and the 100 hourly simple moving average to move further into a bearish zone.

The price even climbed below $ 29,500 and traded as low as $ 29,313. It appears that bitcoin is forming a support base above the $ 29,250 level. An initial resistance on the upside is near the $ 30,000 level. It is close to the 23.6% Fib retracement level of the recent downward move from the high of $ 31,900 to the low of $ 29,313.

The first major resistance is near the $ 30,600 level. It is close to the 50% Fib retracement level of the recent downward move from the high of $ 31,900 to the low of $ 29,313.

Bitcoin price

Source: BTCUSD on TradingView.com

A key downtrend line is also forming with resistance near $ 31,300 on the hourly chart of the BTC / USD pair. In the short term, the bitcoin price could start a decent recovery above $ 30,000, but it could face barriers near the $ 31,000 level in the short term.

More losses in BTC?

If bitcoin does not rally above the $ 30,000 and $ 30,600 resistance levels, there is a risk of further losses. An initial support on the downside is near the $ 29,350 level.

The first major support is now near the $ 29,250 zone. A clear break to the downside below the recent low and $ 29,250 could require a move below the $ 29,000 level. The next key support is seen near the $ 28,000 level.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is rising and could soon break above the 50 level.

Major Support Levels – $ 29,250, followed by $ 29,000.

Major Resistance Levels – $ 30,000, $ 30,600, and $ 31,000.

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