Bitcoin price is holding its ground, but momentum continues to fade below $31,000

Bitcoin price is holding the key $30,000 support zone. BTC needs to settle above $31,000 and $31,400 to start a fresh increase in the short-term.

• Bitcoin is showing some positive signs above the $30,000 support zone.
• The price is above $30,200 and the 100 hourly simple moving average.
• There is a short-term uptrend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed by Kraken).
• The pair could gain bullish momentum if the close above $31,200.

Bitcoin price is stable above $30,000

Bitcoin price started a fresh decline below the $30,500 support zone. However, the bulls were active again above the $30,000 support zone. BTC remained range bound and made another attempt to clear $31,000 but failed.

The recent low was made at $30,214 and the price is now rising. There was a move above the 23.6% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low. There is also a short-term uptrend line forming with support near $30,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is now above $30,200 and the 100 hourly simple moving average. The bulls are now facing resistance near the $30,600 level.

The next resistance is near the $30,700 zone. It is close to the 61.8% Fib retracement level of the recent decline from the $31,020 high to the $30,214 low, above which the price could retest $31,000. To start a steady increase, the price needs to settle above $31,000.

Source: BTCUSD on TradingView.com

The next major resistance is near the $31,400 level. Further gains could open the door for a move towards the $32,000 resistance zone.

More BTC losses?

If bitcoin price fails to clear the $30,700 resistance, more decline might occur. Immediate support on the downside is near $30,200 and the trend line.

The next major support is near $30,000, below which a drop towards $29,850 might occur. Further losses could propel the price towards the $29,400 level.

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 – $30,200 followed by $30,000.

Major resistance levels – $30,700, $31,000 and $31,400.

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