Bitcoin’s price has been experiencing a slight downward movement, struggling to surpass the critical $30,000 resistance zone. Currently trading below $29,300 and the 100-hourly Simple Moving Average (SMA), the cryptocurrency appears to be stuck in a range.

Despite the recent dip, there is hope for a potential uptick as a key bullish trend line is forming with support near $29,100 on the hourly chart of the BTC/USD pair. The data feed is from Kraken exchange.

Bitcoin’s price saw a fresh decline after failing to breach the $29,750 and $29,500 support levels. The dip led to a close below $29,200 and the 100-hourly SMA, pushing the price momentarily below $29,000 to form a low around $28,932.

Currently, the price is consolidating its losses and hovering near the 23.6% Fibonacci retracement level of the recent decline, which ranges from the $30,000 swing high to the $28,932 low.

In light of these developments, BTC’s immediate trajectory is uncertain. However, a close above the $30,000 resistance zone might trigger a fresh upward movement, potentially leading the cryptocurrency towards the $29,750 resistance area.

As the market dynamics continue to unfold, Bitcoin bulls remain cautious, keeping a close eye on key support levels to gauge the next potential price direction. Investors eagerly await a decisive move that could indicate the cryptocurrency’s short-term trend.