There is still a risk of falling deep below $ 29,000

Bitcoin is currently trying to recover above its $ 30,000 resistance. The price is now between $ 30,000 and $ 31,000 and there is still a risk of falling below $ 29,000.

To Report Bitcoin started a new recovery wave from the level of $ 25,000 a few days ago. The move was accompanied by a price jump above the $ 28,000 resistance and a simple 100-hour moving average (SMA 100 – red line in the picture).

Bitcoin continued to cross the $ 30,000 resistance, encouraging buyers to cross the $ 31,000 mark. The price has reached the peak of $ 31,390 in the last 24 hours and now the price is moving slowly towards lower levels.

Recent price declines have pushed Bitcoin back below $ 31,000 and the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 28,600 to $ 31,390.

The price is currently fluctuating near the $ 30,400 support and the uptrend line on the one-hour chart. The next key support is near $ 30,000 and the 50% Fibonacci retracement level.

Breaking current support and bitcoin falling below $ 30,000 could trigger a major downturn. In that case, the price may fall to $ 29,000 first and then the $ 28,000 level will act as a key bitcoin resistance. Breaking the $ 28,000 support could also trigger a new downtrend.

On the other hand, if Bitcoin can maintain its position above $ 30,000, we can hope to start a new uptrend. In this case, the level of $ 31,000 will act as the closest resistance to the price.

The next key resistance is near $ 31,400, and a break above that price could spark a new uptrend. $ 32,500 and $ 33,000 are the next bitcoin resistance.

The MACD is entering the downtrend and the Relative Strength Index (RSI) is near the center axis (level 50).

As mentioned, $ 30,400 and $ 30,000 are key Bitcoin supports, and $ 31,000, $ 31,400 and $ 32,500 also act as price resistance.