Bitcoin Faces Resistance Below $29,650, Bearish Momentum Looms

Bitcoin's price continues to face challenges below the $29,650 threshold, with the potential for a bearish trend gaining traction if it breaches the $29,100 support level.

Notable bearish signals are evident in Bitcoin's performance under the $29,650 range. The price currently trades beneath $29,400 and the 100-hourly Simple Moving Average.

An immediate bullish trend line is taking shape, offering support around $29,320 on the hourly chart for the BTC/USD pair, sourced from Kraken's data feed.

Further decline remains a possibility if the pair manages to breach the support levels at $29,250 and $29,100.

Bitcoin Struggles to Surpass $30,000

Bitcoin's price remains considerably below the $30,000 resistance area. Although there was an attempt at a short-lived upward movement, the bears effectively countered near the $29,650 resistance zone.

The price peaked near $29,657 before experiencing a renewed downturn towards $29,250. Presently, the price consolidates, trading above the 23.6% Fibonacci retracement level of the recent drop from the $29,657 high to the $29,250 low.

Bitcoin's value now lingers below $29,400 and the 100-hourly Simple Moving Average. Concurrently, a short-term bullish trend line is shaping up, offering support in the vicinity of $29,320 on the BTC/USD pair's hourly chart.

SELL LIMIT 29800 - 29600 💯💯

✅ TP1: 29300
✅ TP2: 29000
✅ TP3: 28700

🛑 SL: 30000