The price of bitcoin continued to fall and was trading below $29,000. In the near future, BTC is still exposed to further declines toward the $28,200 support region.
Source: Adobe/jaflippo The price of most major cryptoassets, including bitcoin (BTC) and ethereum (ETH) continued to fall on Monday, after mixed performance over the weekend for both of the two largest coins. # # # # # # # # #https://t.co/98b5UGGaqH pic.twitter.com/SkBS1sypCv
— cropsiafoods (@cropsiafoods) January 17, 2022
- Below the $29,200 mark, bitcoin is moving in a bearish direction.
- The price is trading below both the 100-hour simple moving average and the price of $29,500.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a breach below a significant bullish trend line with support close to $29,700.
- The pair may continue to fall toward the $28,200 level of support.
Bitcoin Price Turns Red
The price of bitcoin sank below the $30,000 support area and entered a negative zone. BTC even broke through the crucial $29,650 support area to create a new drop.
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— Bloodgood (@bloodgoodBTC) August 26, 2022
On the hourly chart of the BTC/USD pair, a significant bullish trend line with support close to $29,700 was broken below. The $28,880 mark was tested by the couple. Near $28,880, a new weekly low has been established, and the price is currently reducing its losses.
Bitcoin is trading below both the 100-hour simple moving average and the price of $29,500. Near the $29,250 mark, there is immediate opposition. It is just below the recent slide from the $30,333 swing high to the $28,880 low, or the 23.6% Fib retracement level.
The $29,750 mark and the 100-hour simple moving average are the first significant barriers. It is close to where the latest slide from the $30,333 swing high to the $28,880 low is 61.8% Fibonacci retraced.
More Losses in BTC?
Bitcoin may continue to fall if it is unable to overcome the $29,250 resistance. Near the $28,880 mark, immediate support on the downside is located.
@bettingman as a gambler you think BTC is a Ponzi? I promise I bet more than you, accept all winnings in BTC and pay all losses in BTC.
— Lenny (@OGLenny007) February 9, 2022
Near the $28,500 mark, which is where the next significant support is located, the price may have trouble bouncing back. Near the $28,200 mark, the next support is located. Any additional losses might necessitate a short-term move toward the $27,500 mark.