Bitcoin Price Needs To Clear $31K For Hopes of a Fresh Rally

NewsBTC
NewsBTC

29 Jun 2023 3:15 AM

Bitcoin price is still facing a major hurdle near $31,000. BTC could correct lower below $29,800 if it stays below $31,000 for a long time....

  • Bitcoin price is facing a major hurdle near $31,000 and is consolidating below this resistance zone.
  • The price is currently trading below $30,500 and the 100 hourly Simple Moving Average.
  • There is a key declining channel forming with resistance near $30,200 on the hourly chart.
  • The price could correct lower towards the $29,550 support or even $29,000.
  • If the price fails to clear the $30,420 resistance, it could continue to move down with immediate support near the $30,000 level.

The sentiment in the article is bearish as it suggests that Bitcoin price is facing a major hurdle and could correct lower if it fails to break the resistance zone.

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You May Ask

What is the major hurdle that Bitcoin price is facing?What are the support levels for Bitcoin price if it continues to move down?What is the immediate resistance level for Bitcoin price?What are the technical indicators mentioned in the article?What could happen if the price breaks above the $31,000 resistance zone?

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