“Bitcoin’s price may experience a temporary dip before soaring to new heights at $29K, showcasing the market’s resilience and potential for substantial gains.”
Bitcoin price is facing a downside correction as it struggles to gain momentum above the $28,500 level. The price is currently trading above $27,750 and the 100 hourly Simple Moving Average. However, there was a break below a key bullish trend line with support near $28,400.
The next support level for Bitcoin is near $28,000 and the 100 hourly SMA. If the price drops further, it could test the support at $27,660. On the upside, the immediate resistance is near $28,550, followed by $28,800 and $29,000.
A clear move above the $29,000 resistance zone could lead to a larger increase and potentially push Bitcoin towards the $30,000 level. However, if the price fails to rise above the $28,550 resistance zone, it could slide further.
The technical indicators are showing bearish signs, with the MACD gaining pace in the bearish zone and the RSI for BTC/USD below the 50 level.
In summary, Bitcoin price is currently experiencing a downside correction and could drop further towards the $28,000 level or the 100 hourly SMA. The next key resistance levels are at $28,550, $28,800, and $29,000, while the major support levels are at $28,150 and $28,000.
