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Bitcoin could not close above the level of $29,500 on a daily basis and showed a downward trend.
The BTC price has significant long positions that need to be liquidated at the level of $28,800, and this level should be closely monitored.
Closing below $28,700 could weaken the expectations of an upward movement.
When examining the technical price chart of Bitcoin, it is observed that it continued its downward trend towards the level of $29,200 by failing to surpass the resistance of $29,500. The short-term movement of BTC price and critical support and resistance levels are of great importance for investors.
Medium-Term BTC Analysis
Daily BTC/USD Price Chart
When examining the daily technical chart of Bitcoin, it can be seen that the level of $29,500 is a critical resistance and it has tested this level three times but failed to close above it on a daily basis. This situation may indicate the beginning of a downward movement.
If the Bitcoin price fails to break the resistance of $29,500, it may extend the downward movement to the support range of $28,600 – $28,200. However, if the BTC price encounters strong buying reactions from this critical support range, it can continue the upward movement from this level and reach the level of $32,000.
However, for Bitcoin to achieve an upward movement towards the resistance level of $32,000, it must not close below the level of $28,200 on a daily basis. If the BTC price experiences daily closures below $28,200, the next strong support is found at the level of $27,750.
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Short-Term BTC Price Analysis
5-Hour BTC/USD Price Chart
According to the 5-hour technical price chart of Bitcoin, it is observed that it retraced towards the level of $29,200 again as it could not sustain permanent closures above the level of $29,500.
If the BTC price cannot maintain closures above the level of $29,500, it may extend its short-term decline to the level of $28,800. There are significant long positions that need to be liquidated at the level of $28,800. However, if Bitcoin makes 4-hour closures below the level of $28,700, it could weaken the expectations of the mentioned upward movement.
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Investors should carefully monitor the level of $29,500 and the subsequent supports at $28,800 and $28,700, evaluate the price movement accordingly, and manage their positions accordingly.
