Bitcoin price rejects $30K, but this variable could trigger another rally

Bitcoin price attempted an upside break above the $30,000 resistance. BTC failed and corrected lower towards the $28,400 support zone.

• Bitcoin is struggling to gain momentum above the $29,400 and $29,500 resistance levels.
• The price is trading below $29,200 and the 100-hour Simple Moving Average.
• An important bearish trend line is forming with resistance near $28,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another rally if it holds above the $27,850 support zone.

Bitcoin price remains supported

Bitcoin price gained momentum for a move above the $29,200 resistance zone. However, BTC struggled to remain in a positive zone above the $29,400 and $29,500 resistance levels.

The bulls struggled near the $30,000 resistance zone. A high was formed near $29,975 and the price started another decline. It was a move below the $29,500 and $29,200 support levels. A low is forming near $28,360 and the price is now consolidating losses.

Bitcoin price is trading below $29,200 and the 100 hourly simple moving average. There is also an important bearish trend line forming with resistance near $28,950 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $28,750 level. It is near the 23.6% Fib retracement level of the recent decline from the $29,975 swing high to the $28,360 low. The next major resistance lies near the $29,000 zone and the trend line.

Source: BTCUSD on TradingView.com

The first major resistance is near $29,200 and the 100-hour Simple Moving Average. It is near the 50% Fib retracement level of the recent decline from the $29,975 swing high to the $28,360 low. A close above the $29,200 resistance could send Bitcoin towards $29,500. Any further gains could open the door to a test of the key $30,000 barrier.

More losses in BTC?

If Bitcoin’s price fails to clear the $29,200 resistance, it may continue to move lower. Immediate support on the downside is near the $28,400 level.

The next major support is near the $27,850 zone, below which the price may dive towards the $27,200 support zone. Any further losses could take Bitcoin towards $26,500 in the short term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in the bearish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 40 level.

Major support levels – $28,400, followed by $27,850.

Major resistance levels – $29,000, $29,200 and $30,000.