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Bitcoin Price At Risk of Fresh Low Below $28,000

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Aayush Jindal

Key Highlights

  • Bitcoin price is struggling to rise above the $30,000 resistance.
  • A key bearish trend line is forming with resistance at $29,350 on the 4-hour chart.
  • EUR/USD could face resistance near the 1.0980 zone.
  • Gold prices extended losses and tested the $1,900 support.

Bitcoin Price Technical Analysis

Bitcoin price started a fresh decline from the $30,200 zone. BTC/USD traded below the $29,800 support to move again into a bearish zone.

Looking at the 4-hour chart, the price settled below the $29,500 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

There was a move below the 61.8% Fib retracement level of the upward move from the $28,653 swing low to the $30,209 high. It is now showing bearish signs below $29,400. There is also a key bearish trend line forming with resistance at $29,350 on the same chart.

On the upside, the price is facing resistance near the $29,250 level and the 100 simple moving average (red, 4 hours). The first major resistance is near the $29,350 level.

A successful close above the $29,350 level might spark a decent increase. In the stated case, the price may perhaps rise toward the $30,000 level.

If not, Bitcoin might decline further and trade below the $29,000 support. The next major support is near the $28,500 level. If there is a downside break and a close below $28,500, Bitcoin might revisit the $27,500 zone in the coming days.

Economic Releases

  • US Initial Jobless Claims - Forecast 240K, versus 248K previous.
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