Bitcoin began a recovery series from the $29,350 area. The price is currently selling at just under the $31,000 area and the 100-hour SMA. A major bearish trend line is now forming with some resistance close to $31,000 hourly.
There are fears that the BTC/USD decline could return. This is especially if there isn’t a clear move over the $31,000 resistance area.
Bitcoin Gets Back at $30,000
The leading asset’s price first prolonged its fall under the $30,000 support line. But the decline under $29,500 was thankfully limited. A price base was formed close to $29,350 and it began a recovery wave there.
The was, spontaneously, a move over the $30,000 resistance area. The Bitcoin price rose over the 23.6% Fibonacci retracement area of the latest fall. It took off from the $32,400 upward move down to $29,328.
The move even got over the $30,500 resistance area. However, bearish traders got their activities up close to the $31,000 area.
The world’s number one crypto is now selling under the $31,000 area. It is also under the 100-hour simple moving average. It should be noted that there is a bearish trend line coming together close to $31,000.
The bearish trend line appears on the hourly chart relating to the Bitcoin and USD pair. It is equally close to the 50% Fibonacci retracement area of the latest fall. It began from the $32,400 side up to the low point of $29,328.
The closest point of resistance on the increasing side is close to the $30,800 area. After that, the next resistance is close to $31,000 and the 100-hour simple moving average.
A decisive increase over $31,000 resistance might be the beginning of another upside. If that happens, Bitcoin’s price could get to the $32,000 resistance area. The next active point of resistance would be at $32,400.
Is Bitcoin Declining Yet Again?
If by any means, Bitcoin does not conquer the $31,000 resistance area, another fall might begin. The first line of resistance on the declining side is at $30,000.
If the fall persists, the next line of support is close to the $29,350 area. Any further break under the $29,350 line might then trigger a speedy fall. If that scenario plays out, the price of Bitcoin might then be touching the $28,250 support line.