- Bitcoin is trading within an important support zone around $29,900 and continues to hold onto this level.
- If the price reaches the resistance range of $30,850 – $31,184, it may face selling pressure and initiate a downward movement.
- If BTC closes below $29,900 on a 2-hour basis, the downward movement could expand.
When examining the short-term technical chart of Bitcoin, it can be observed that the price is moving within a significant support zone and showing a potential downward movement towards the resistance range of $30,850 – $31,184.
Bitcoin May Experience Sharp Movements!
Daily BTC/USD Price Chart
When examining the daily technical chart of Bitcoin, it can be seen that it has been moving sideways between $31,500 and $29,900 for the past 18 days. This indicates that Bitcoin may experience sharp movements.
BTC has both support and resistance levels. In order to sustain the upward trend, Bitcoin needs to achieve daily candlestick closures above the $31,000 level and maintain stability above this level.
If the Bitcoin price fails to sustain above the $31,000 level, it may continue the downward movement towards the $28,550 levels. Significant support zones are found in the range of $28,600 – $28,200.
If Bitcoin closes below $28,000 on a daily basis, it may extend the downward movement towards the $27,400 levels. Additionally, if BTC closes below $27,300, it may continue the downward trend towards the $26,570 levels.
However, if the Bitcoin price manages to sustain above the $31,000 level, it may initially target the $32,400 level and then rise towards the $34,500 level. Investors should carefully monitor both scenarios.
Short-Term BTC Price Analysis
2-Hour BTC/USD Price Chart
When examining the short-term technical chart of Bitcoin, it can be seen that the price is moving within the significant support zone around $29,900. As long as the BTC price holds onto this support, it can extend the upward movement from this zone towards the range of $30,850 – $31,184.
However, if the BTC price reaches the resistance range of $30,850 – $31,184, it may encounter selling pressure and initiate a downward movement towards the $29,200 levels.
If Bitcoin closes below $29,900 on a 2-hour basis, it may expand the downward movement towards the black line zone indicated. It is important to monitor the potential movements in both scenarios as outlined in the analysis.
In the analysis, it was stated that if the price moves as indicated in the red shape, we expect the indicated zones to act as resistance. If the price does not move as indicated by the red line, it may initiate an upward movement from the range of $28,800 – $29,200 towards the $32,000 level as the target.
