Bitcoin Price Hits Next Bearish Target But Bears Are Not Done Yet

2023-07-25 03:48:20

Bitcoin price extended its decline and traded below $29,000. BTC is still at risk of more downsides toward the $28,200 support zone in the near term.

Bitcoin is gaining bearish momentum below the $29,200 level.
The price is trading below $29,500 and the 100 hourly Simple moving average.
There was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline toward the $28,200 support zone.

Bitcoin Price Turns Red

Bitcoin price settled below the $30,000 support zone to move into a bearish zone. BTC even broke the key $29,650 support zone to start a fresh decline.

Besides, there was a break below a major bullish trend line with support near $29,700 on the hourly chart of the BTC/USD pair. The pair tested the $28,880 level. A new weekly low is formed near $28,880 and the price is now consolidating losses.

Bitcoin is trading below $29,500 and the 100 hourly Simple moving average. Immediate resistance is near the $29,250 level. It is close to the 23.6% Fib retracement level of the recent decline from the $30,333 swing high to the $28,880 low.

The first major resistance is near the $29,750 level and the 100 hourly Simple moving average. It is near the 61.8% Fib retracement level of the recent decline from the $30,333 swing high to the $28,880 low.

Source: BTCUSD on TradingView.com

The next major resistance is near the $30,000 level. A close above the $30,000 level might start a fresh increase. In the stated case, the price could rise toward the $30,400 resistance. Any more gains could open the doors for a move toward the $30,850 resistance zone.

More Losses in BTC?

If Bitcoin fails to clear the $29,250 resistance, it could continue to move down. Immediate support on the downside is near the $28,880 level.

The next major support is near the $28,500 level, below which the price could struggle to recover. The next support is near the $28,200 level. Any more losses might call for a move toward the $27,500 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $28,880, followed by $28,200.

Major Resistance Levels – $29,250, $29,750, and $30,000.

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