Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons

Aug 11, 2023 04:00 am Cryptocurrency 105

Bitcoin price is moving lower from the $30,200 zone. BTC is signaling a fresh decline and there is a risk of a drop toward the $28,500 support.

Bitcoin is struggling to remain in a positive zone above $29,200.

The price is trading below $29,500 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down if it breaks the $29,200 support zone.

Bitcoin Price Trims Gains

Bitcoin price faced another rejection above the $30,000 resistance zone. A high was formed near $30,190 and BTC reacted to the downside. There was a move below the $30,000 and $29,800 levels.

The price declined below the 50% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. It seems like the bulls are now putting up some fight near ..

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