Bitcoin Price Could Stage Steady Increase If It Clears This Hurdle

2023-08-08 06:40:49

Bitcoin price is still facing strong resistance near $29,500. BTC is slowly moving higher and might start a steady increase above $29,500.

Bitcoin is moving higher toward the $29,500 pivot level.
The price is trading above $29,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance near $29,080 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if there is a close above the $29,500 resistance zone.

Bitcoin Price Eyes Fresh Increase

Bitcoin price extended its decline below the $28,800 support zone. However, the downsides were limited below the $28,600 level. A low is formed near $28,628 and the price is now attempting a fresh increase.

There was a move above the $28,900 and $29,000 levels. Besides, there was a break above a key bearish trend line with resistance near $29,080 on the hourly chart of the BTC/USD pair. The pair is now trading above $29,000 and the 100 hourly Simple moving average.

A high is formed near $29,280 and the price is now consolidating gains. Bitcoin is trading above the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $29,280 high.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $29,300 zone. The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level. A close above the $29,500 resistance might start a steady increase. In the stated case, the price could test $30,000. Any more gains might open the doors for a move toward $31,200.

Fresh Decline In BTC?

If Bitcoin fails to clear the $29,400 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level the 100 hourly Simple moving average.

The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 level in the near term.

Technical indicators:

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

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

Major Support Levels – $29,100, followed by $28,800.

Major Resistance Levels – $29,300, $29,400, and $29,500.

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