Bitcoin Price Plunges After Rejection, Here’s Why Bears Aim Fresh Lows

2023-07-24 03:32:45

Bitcoin price is moving lower from the $30,350 level. BTC is showing bearish signs and might decline further toward the $29,650 and $29,500 support levels.

Bitcoin is moving lower below the $30,000 pivot level.
The price is trading below $30,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline below the $29,500 support zone.

Bitcoin Price Turns Red Again

Bitcoin price attempted a fresh increase above the $30,400 resistance zone. However, BTC struggled to settle clear the $30,350 level and started a fresh decline.

There was a bearish reaction below the $30,000 support zone and the 100 hourly Simple moving average. The price declined below the 61.8% Fib retracement level of the upward move from the $29,650 swing low to the $30,333 high.

Bitcoin is trading below $30,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $29,720 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $30,000 level and the 100 hourly Simple moving average. The first major resistance is near the $30,150 level. The next major resistance is near the $30,350 and $30,400 levels. A close above the $30,400 level might start a fresh increase.

Source: BTCUSD on TradingView.com

In the stated case, the price could rise toward the $30,850 level. Any more gains could open the doors for a move toward the $31,200 resistance zone.

Fresh Low in BTC?

If Bitcoin fails to clear the $30,000 resistance, it could continue to move down. Immediate support on the downside is near the $29,720 level and the trend line.

The next major support is near the $29,650 level, below which the price could revisit the key support at $29,500. If BTC fails to stay above the $29,500 support, the bears could aim for a fresh low below $29,200. The next support is near the $28,650 level. Any more losses might call for a move toward the $28,200 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 – $29,650, followed by $29,500.

Major Resistance Levels – $30,000, $30,150, and $31,400.

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