Daily Price Outlook

  • Bitcoin faces resistance below $30,500 and risks a drop towards $29,850.
  • Attempts to surpass the $30,500 resistance have been met with selling pressure near $30,850.
  • Immediate support lies at $30,230, while a break below $30,000 could lead to further decline.

Bitcoin's price struggled to gain bullish momentum following the release of the US CPI data. Currently trading below $30,500, there is a potential risk of a drop towards the $29,850 level.

Despite an attempted increase above the $30,500 resistance zone, Bitcoin faced resistance near $30,850, resulting in a downside reaction.

The price broke below a connecting bullish trend line and the $30,500 support, reaching a low around $30,230. Currently, Bitcoin is consolidating losses below $30,500 and the 100-hourly simple moving average.

Immediate resistance is observed near the $30,400 level and the 100-hourly simple moving average, followed by the $30,550 zone. A breakthrough above the $30,550 level could provide bullish momentum, potentially leading Bitcoin towards the $30,850 resistance and the subsequent major resistance at $31,000.

If Bitcoin fails to clear the $30,500 resistance, it may experience another decline. Immediate support is found near $30,230, with the next major support near the $30,000 level. Further losses could push the price towards the $29,850 support zone, and potentially even lower towards the $29,400 level.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Trade idea

Entry Price – Sell Limit 30398

Take Profit – 30000

Stop Loss – 30604

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$398/ -$206



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