Bitcoin cryptocurrency has once again demonstrated a fall

Cryptocurrency market analysts noted that bitcoin failed to gain a foothold above the $ 30,000 resistance zone. The market’s flagship BTC $58,205.58 Bitcoin -2.64% Market capitalization $1.15 trillion VOL. 24 hours $3.04 billion has started another slump, and is probably preparing to move into a bearish zone.

Over the weekend, the main crypto asset tested the support zone at $ 29,100. A low was formed around $ 29,100, and now the BTC price is consolidating losses. At this time, there has been a slight upward correction above the resistance zone of $ 29,250.

At the time of writing, bitcoin is trading at $ 29,385, which is almost no positive dynamics. The coin’s market capitalization has reached $ 571.7 billion, and traders have made daily trading deals worth $ 9.7 billion. Bitcoin’s dominance in the market has again minimally lost ground and amounts to 48.7% according to CoinMarkerCap.

Industry experts emphasized that the next major resistance of BTC is at $ 29,400. They are confident that a close above the trend line could be the beginning of the crypto asset’s growth to $ 29,650.

Market players are convinced that the main resistance of bitcoin is still near the $ 30,000 level. Closing positions above this level could be the beginning of a steady growth of the main cryptocurrency. In this case, the bitcoin rate could rise to $ 30,500 or even $ 31,200.

If bitcoin fails to overcome resistance at $ 29,400, it will continue to move downward. The immediate downside support is at $ 29,200. The next important support is at $ 29,000. A break below $ 29,000 could be the start of a new bearish trend. In this case, the BTC price could return to the $ 28,800 range. Any further losses could lead to a drop to $ 28,500.

Crypto experts have identified the main technical indicators:

• The Relative Strength Index (RSI) for BTC/USD is currently below 50.
• The main support levels are $ 29,200 and then $ 29,000.
• The main resistance levels are $ 29,400, $ 29,650, and $ 30,000.