- When examining the short-term technical chart of Bitcoin, the $30,300 level emerges as an important support level.
- Maintaining support at $29,900 is considered critical for Bitcoin to sustain its downtrend.
- If Bitcoin encounters strong buying pressure at the $28,900 support level, it could continue its uptrend towards $33,000.
The short-term technical chart of Bitcoin highlights specific support and resistance levels. Particularly, the $30,300 level is an important support level that the price has recently interacted with.
Medium-Term Bitcoin Price Analysis
Daily BTC/USD Price Chart
Analyzing Bitcoin’s daily technical chart, it can be seen that it closed daily with a candle above the $31,000 level. However, in the past two days, it experienced downward movements, retracing to around $30,350.
For Bitcoin to sustain its uptrend, we need to see a strong upward movement above the $31,000 level. Otherwise, it could initiate a downward move towards $29,900. If the Bitcoin price closes below $29,900 on a daily basis, the downtrend could extend to around $29,500.
If the Bitcoin price achieves daily closes below the $29,500 level, it could continue the downtrend with the support of $28,900. However, if BTC encounters strong buying pressure at the $28,900 level, it could resume the upward movement and progress towards $33,000.
Short-Term BTC Analysis
2-Hour BTC/USD Price Chart
Analyzing Bitcoin’s short-term technical chart, it is observed that it has been moving in proximity to the $30,300 level. If the BTC price closes below the $30,300 support on a daily basis, it could extend the downward movement towards the $29,900 support level.
The $29,900 support is a significant point for Bitcoin as the price has tested this level multiple times and exhibited a bullish response. Therefore, if BTC closes below $29,900 on the 2-hour chart, the downward movement could continue to around $29,500.
If the Bitcoin price achieves 2-hour closes below $29,500, the next significant support area would be between $29,200 and $28,850. However, if BTC encounters strong buying pressure within this support range, it could initiate an upward movement from this point and progress towards $32,000.
