Bitcoin price needs to surpass $31,000 to hope for fresh rally

Bitcoin price is still facing a major hurdle near $31,000. BTC could correct below $29,800 if it stays below $31,000 for an extended period.

• Bitcoin is still consolidating below the $31,000 resistance zone.
• The price is below $30,500 and the 100 hourly simple moving average.
• There is a key bearish channel forming with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed by Kraken).
• The pair might correct lower towards the $29,550 support or even $29,000.

Bitcoin price stuck in a range

Bitcoin price remained in a large range below the $31,000 resistance zone. BTC made another attempt to break above the $31,000 resistance but failed.

A high formed at $31,008 before a fresh decline. There was a move below $30,500 but the bulls were active above the $29,800 zone. A low is forming at $29,834 and the price is now range-bound.

The trading price is near the 23.6% Fib retracement level of the recent decline from the $31,008 swing high to the $29,834 low. Bitcoin price is currently below $30,500 and the 100 hourly simple moving average. There is also a key downward channel forming with resistance near $30,200 on the hourly chart of the BTC/USD pair.

Immediate resistance is near $30,200. The first major resistance is near $30,420 or the 100 hourly simple moving average. It is close to the 50% Fibonacci retracement level of the recent decline from the $31,008 swing high to the $29,834 low, above which the price could revisit the $31,000 resistance zone.

Source: BTCUSD on TradingView.com

An upside break above the $31,000 resistance could propel BTC towards $31,500. Further gains could open the door for a move towards the $32,200 resistance zone.

More BTC losses?

If bitcoin price fails to clear the $30,420 resistance, it might fall further. Immediate support on the downside is near $30,000.

The next major support is near the $29,850 level, below which a drop towards the $29,550 support might occur. Further losses could propel the price towards the $29,000 zone in the short-term.

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 below the 50 level.

Key support levels – $30,000 followed by $29,550.

Major resistance levels – $30,200, $30,420 and $31,000.

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