Bitcoin Price Holds Ground Post US CPI and Looks Primed for More Gains

Share This Post

Bitcoin price is consolidating gains near the $30,000 zone. BTC could start another increase if it clears the $30,250 resistance zone.

  • Bitcoin corrected lower and tested the $29,650 support zone.
  • The price is trading above $29,650 and the 100 hourly Simple moving average.
  • There is a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase if there is a close above the $30,250 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price started a downside correction from the $30,550 zone. BTC declined below the $30,000 support zone. There was also a move below the 23.6% Fib retracement level of the upward wave from the $28,200 swing low to the $30,586 high.

However, the bulls were active near the $29,650 zone. Besides, the US CPI posted another decline to 5% in March 2023. It helped BTC to remain in a positive zone above the $29,650 level.

Bitcoin price is now trading above $29,800 and the 100 hourly Simple moving average. There was a move above the 50% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.

Immediate resistance is near the $30,250 level. There is also a major declining channel forming with resistance near $30,250 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 61.8% Fib retracement level of the downside correction from the $30,586 swing high to the $29,645 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near the $30,500 zone. A close above the $30,500 resistance might start a strong increase. In the stated case, the price may perhaps rise toward the $31,200 level. The next key resistance is near the $32,000 level, above which BTC could rise toward the $33,500 level.

Another Drop in BTC?

If Bitcoin’s price fails to clear the $30,250 resistance, it could another decline. Immediate support on the downside is near the $29,850 level.

The next major support is near the $29,650 zone. A downside break and close below the $29,650 support might push the price back toward $29,200 or the 100 hourly Simple moving average.

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 above the 50 level.

Major Support Levels – $29,850, followed by $29,650.

Major Resistance Levels – $30,250, $30,500, and $31,200.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Toncoin Liquidity and User Activity Reviewed by Analyst: Insights on Market Impacts

Toncoin (TON) has seen notable changes in its market dynamics so far, driven by supply variations and heightened user engagement across its ecosystem Particularly, according to a recent analysis by

Dogecoin (DOGE) Momentum Seems Unstoppable: How High Can It Go?

Dogecoin started a fresh surge above the $0320 resistance against the US Dollar DOGE is holding gains and eyeing more upsides above $04180 DOGE price started a fresh rally like Bitcoin and climbed

XRP Lawsuit News: Legal Expert Says Ripple-SEC Case Could End in 2025, But There’s a Twist

The post XRP Lawsuit News: Legal Expert Says Ripple-SEC Case Could End in 2025, But There’s a Twist appeared first on Coinpedia Fintech News There’s growing speculation that Gary Gensler, the

An Elusive Indian Suspect at the Center of Indiana’s Crypto Fraud

Authorities in Grant County, Indiana, have recovered $36,000 in a cryptocurrency scam involving Prateek Jain, a 33-year-old man from Kolkata, India Jain faces charges of felony fraud and money

XRP Price Gains Steadily with Swings: Can It Maintain Momentum?

XRP price is slowly moving higher above the $06320 support zone The price tested the $07450 zone and is currently correcting gains XRP price started a decent increase above the $06320 resistance The

Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000

The post Bitcoin Price Prediction: Cup and Handle Pattern Hints at Breakout Above $126,000 appeared first on Coinpedia Fintech News The Bitcoin bull market is showing no signs of slowing down