Bitcoin Price Relatively Muted – What Could Trigger A Sharp Decline?

Aug 15, 2023 04:00 am Cryptocurrency 114

Bitcoin price is still struggling below the $29,650 zone. BTC could gain bearish momentum if there is a close below the $29,100 support.

Bitcoin is showing a few bearish signs below the $29,650 zone.

The price is trading below $29,400 and the 100 hourly Simple moving average.

There is a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down if it breaks the $29,250 and $29,100 support levels.

Bitcoin Price Stuck Below $30K

Bitcoin price remained well below the $30,000 resistance zone. BTC attempted a short-term upward move but the bears were active near the $29,650 resistance zone.

A high was formed near $29,657 before there was a fresh decline to $29,250. The price is now consolidating and trading above the 23.6% Fib retracement level of the recent decline from the $29,657 swing high to the $29,250 low.

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