- Bitcoin faced buying pressure despite closing below the $29,900 level on a daily basis.
- For the uptrend to begin, Bitcoin needs to close above the $30,850 level on a daily basis.
- The key support levels for traders to watch are $29,500 and $28,100.
In the current technical analysis of Bitcoin, it can be observed that the price is hovering near the $29,900 level and encountering buying demand. However, it needs to overcome a specific resistance to initiate a new uptrend.
Medium-Term Bitcoin Analysis
Daily BTC/USD Price Chart
Examining the current technical analysis of Bitcoin, it can be seen that the price is hovering near the $29,900 level and currently trading around $30,230.
If the Bitcoin price performs daily candle closes below the mentioned $29,900 level as stated in the analysis, it may extend the downward movement towards the $29,500 levels. Additionally, if it breaks below the $29,500 level, the decline could continue towards the $28,600 levels.
The support range of $28,444 – $28,100 can be monitored for Bitcoin. If Bitcoin experiences a decline towards this support range and initiates an upward movement from this area, it could set its target towards the $32,300 level.
However, if the Bitcoin price performs daily candle closes below the $28,000 level, it may continue the downward movement towards the $27,200 levels. If it encounters strong buying demand below this level, it has the potential to initiate the uptrend from this area.
Short-Term BTC Analysis
2-Hour BTC/USD Price Chart
Examining the short-term technical analysis of Bitcoin, it can be observed that despite closing below the $29,900 level, it faced buying pressure. However, the upward movement Bitcoin is currently making to initiate a new uptrend is weak.
For Bitcoin to initiate the uptrend again, it needs to achieve 3-hour candle closes above the $30,850 level. If the BTC price achieves closes above this level, the likelihood of an upward movement will strengthen.
If the Bitcoin price performs 2-hour candle closes below the $29,900 level, it may extend the downward movement towards the $29,500 level, followed by the $29,100 levels.
As long as the Bitcoin price stays above the $28,700 level, there is a possibility of a rise towards the $32,000 resistance. However, if it performs closes below the $28,700 level, it may tend to initiate the downward movement.
