Bitcoin Price Could Restart Increase As The Bears Lose Steam

Jul 20, 2023 04:00 am Cryptocurrency 92

Bitcoin price is consolidating above $29,500. BTC could start a decent increase if it clears the $30,200 resistance zone in the near term.

Bitcoin is struggling to gain bullish momentum from the $29,500 level.

The price is trading below $30,100 and the 100 hourly Simple moving average.

There is a key bearish trend line forming with resistance near $30,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a steady increase if there is a close above the $30,200 resistance.

Bitcoin Price Holds Support

Bitcoin price remained well-bid above the $29,500 level. BTC formed a support base and recently corrected a few points higher. There was a minor increase above the$29,850 resistance zone.

The price climbed above the 50% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low. However, the bears are still active near the $30,050 level. There is also ..

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