Bitcoin price is struggling to recover above the $29,000 resistance. BTC must settle above $29,000 and then above $29,600 to move into a positive zone.

  • Bitcoin is attempting a recovery wave above the $28,850 level.

  • It is trading below $29,200 and the 100 hourly simple moving average.

  • There is a key bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair (data source from Kraken).

  • The pair is likely to face a stiff resistance near the $29,600 resistance level.

Bitcoin price remains in negative territory

Bitcoin price started a short-term recovery wave above the $29,000 resistance area. Following the Federal Reserve rate decision, BTC was able to climb above the $29,200 resistance area.

The price declined from the $30,335 swing high to $28,880 low and broke the 23.6% Fib retracement level of the key decline. However, the bears were active near the $29,600 resistance area and there was no close above the 100 hourly simple moving average.

Bitcoin is currently trading below $29,200 and the 100 hourly simple moving average. Moreover, there is a key bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair.

An immediate resistance is near the $29,450 level and the 100 hourly simple moving average. The first major resistance is near the $29,600 level. It is close to the 50% Fib retracement level of the key decline from the $30,335 swing high to $28,880 low.

The next major resistance is near the $29,800 level, above which the price is likely to start a sharp increase towards the $30,000 resistance area. The next major resistance is near the $30,350 level, above which the price is likely to gain bullish momentum.

Bitcoin falls again?

If bitcoin fails to clear the $29,600 resistance, it could start a fresh decline. An immediate support on the downside is near the $29,200 level and the trend line.

The next major support is near the $29,000 level, below which the price could drop towards $28,880. The next support is near the $28,500 level. Any more losses might warrant a move towards the $28,200 level in the near term.