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

Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share

The post Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share appeared first on Coinpedia Fintech News Despite persistent fear, uncertainty, and doubt (FUD), Binance’s customer

India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration

The post India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration appeared first on Coinpedia Fintech News The Reserve Bank of India (RBI) is enhancing its cross-border payments

XRP Price Prediction For November 25

The post XRP Price Prediction For November 25 appeared first on Coinpedia Fintech News Ripple’s XRP is currently down by more than five percent and is trading near the $140 levels Majority of the

WBTC Flash Crash on Binance, Price Plunges to $5,200

The post WBTC Flash Crash on Binance, Price Plunges to $5,200 appeared first on Coinpedia Fintech News On November 23, 2024, Wrapped Bitcoin (WBTC) experienced a sudden flash crash on Binance,

Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption

The post Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption appeared first on Coinpedia Fintech News After signing a memorandum of understanding (MoU) with Bitcoin

Ethereum Price Poised for Gains: $3,600 Within Reach?

Ethereum price started a fresh increase above the $3,320 zone ETH is rising and aiming for more gains above the $3,500 resistance Ethereum started a fresh increase above the $3,300 and $3,320 levels