Bitcoin corrected lower and tested the $29,000 support against the US Dollar. BTC must settle above the $30,500 resistance to start a decent increase.

• Bitcoin failed to gain pace above $31,000 and corrected lower below $30,000.
• The price is now trading above the $30,000 level and the 100 hourly simple moving average.
• There was a break above a connecting bearish trend line with resistance near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if there is a close above the $30,500 resistance.

Bitcoin Price Faces Hurdles

Bitcoin price started a downside correction from the $31,500 zone. BTC traded below the $30,000 support zone and the 100 hourly simple moving average.

There was a move below the $29,500 level, but the bulls were active near the $29,000 zone. A low is formed near $29,060 and the price is now recovering losses. There was a clear move above the $29,500 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $31,390 swing high to $29,060 low.

Bitcoin is now trading above the $30,000 level and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $29,600 on the hourly chart of the BTC/USD pair.

An immediate resistance is near the $30,300 level. It is near the 50% Fib retracement level of the recent decline from the $31,390 swing high to $29,060 low. A successful close above the $30,300 level could open the doors for a decent increase.

Source: BTCUSD on TradingView.com

The next major resistance is near the…