Sentiment: Positive
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Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact
By Aayush Jindal at 2025-03-04 14:37
Sentiment: Positive
Bitcoin price spiked higher above the $29,000 level. BTC corrected lower and is currently consolidating above the $28,000 pivot level. Bitcoin gained pace above the $28,500 resistance but upsides were limited. The price is trading above $28,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a clear move below the $27,650 support. Bitcoin Price Fails To Retain Gains Bitcoin price managed to climb further higher above the $28,200 resistance levels. BTC even spiked above the $28,500 and $28,800 resistance levels. However, upsides were limited above the $29,000 level. A high was formed near $29,190 before the price started a fresh downside correction. There was a move below the $28,800 and $28,500 levels. The price tested the 50% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high. Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $28,500 level. The next major resistance is near the $28,850 zone. The main resistance is now forming near the $29,200 level. A clear move above the $29,200 level might pump the price towards the $30,000 resistance. Any more gains might call for a test of the $32,000 resistance zone. More Losses in BTC? If bitcoin price fails to clear the $28,800 resistance, it could start another decline. An immediate support on the downside is near the $27,900 zone or the trend line. The next major support is near the $27,680 zone and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high. A downside break below the $27,680 support might spark a fresh decline. The next major support is near the $27,210 level, below which the price might test $26,600. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $27,680, followed by $27,210. Major Resistance Levels – $28,500, $28,800 and $29,200. Continue reading...
Categories: BTC
Tags: #BTC #bitcoin #bitcoin price #btcusd #BTCUSDT #xbtusd
Source NewsBTC