12-Hour Analysis:Big Picture: Over the weekend, the wait-and-see strategy remained the best course of action. Price practically remained flat during the weekend, but it did show some stronger movement around the weekly closing. Weekend volume for the year 2023 has been at its lowest level since 2012. This demonstrates that participation remained low throughout the weekend. However, Bitcoin is presently on the verge of breaching below the key support levels. The downside corrective pull will be extended towards lower supports if the breach below is confirmed. Bulls must retake the range and build a stronghold above 30,000 in order to counteract the developing downside.
On the Upside once more, a number of intra-day resistances have been introduced. There will be some initial resistance at 29,525 and 29,630. Price has a crucial threshold to cross at the 29,800–30,000 mark above these resistances. For the bulls, breaking over this level would be a positive development. They could then push for aggressive short-coverings, which would cause the price to move much higher.
On the Downside the pressure keeps getting worse. Over the weekend, Bitcoin had trouble maintaining the supportive range of 29,800–30,000 levels. Bull’s most recent attempt to build momentum beyond the 30k mark failed a few hours ago, which led to considerably heavier rounds of profit-taking that exposed 29,525 and 29,200 levels. At these levels, some minor short-coverings are still anticipated. In case the selling continues and Bitcoin breaches the 29,200 support level, the decline could then be extended towards levels between 28,800 and 28,650.
