Bitcoin Price Analysis: BTC Turns Red Below $30K

• Bitcoin price started a fresh decline below the $30,000 pivot level against the US Dollar.
• The price is now trading below $29,500 and the 55 simple moving average (4 hours).
• There is a connecting bearish trend line forming with resistance near $29,600 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• The pair could extend its decline toward the $28,500 and $28,000 levels.

Bitcoin price is declining below $29,500 against the US Dollar. BTC might extend losses if it stays below the $30,000 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $30,000 zone. A high was formed near $30,350 before the price started a steady decline. There was a clear move below the $30,000 and $29,600 support levels.

The bears even pushed the price below the $29,200 support zone and the 55 simple moving average (4 hours). The price traded as low as $28,850 and is currently correcting losses. There was a correction toward the 23.6% Fib retracement level of the downward wave from the $30,350 swing high to the $28,850 low.

However, it is still trading below $29,600 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $29,400 level. The next major resistance might be near the $29,600 zone.

There is also a connecting bearish trend line forming with resistance near $29,600 on the 4-hour chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward wave from the $30,350 swing high to the $28,850 low.

A clear move above the $29,000 level might send the price toward $30,000, above which the price might rise toward the $30,350 level. Any more gains might push the price toward the $31,400 zone.

If there is no upside break, the price might decline below the $29,000 level. The first major support is near $28,850. The next key support is near the $28,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $28,000 level. Any more losses might send the price toward the $27,400 level.

Looking at the chart, Bitcoin price is clearly trading below $29,500 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $28,500 and $28,000 levels.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $28,850 and $28,000.

Key Resistance Levels – $29,600, $30,000, and $30,350.