Bitcoin price extends more losses. Can $30k hold the key for the next wave?
Bitcoin price has extended its decrease below the $33,000 support zone against the US Dollar. Now, BTC is recovering and it should stay over the $30,000 to avoid a larger decline.
The pressure is on for the Bitcoin Price
BTC remained in a bearish zone below the $35,500 support zone and then extended its decrease. BTC has broken the $33,500 support level and then settled lower than the 100 hourly simple moving average.
The price further declined below the $32,000 support zone. A low has formed near $31,065 before the price even started an upside correction. A break above the $32,000 and $32,500 levels happened. The price then climbed over the 23.6% Fib retracement level of the current decline from the $36,820 swing high to $31,065 low.
But the price now faces a strong resistance close to the $34,000 level. It looks like the 50% Fib retracement level of the current decline from the $36,820 swing high to $31,065 low acts as a hurdle.
Also, there is a key rising channel that forms with support over the $32,300 on the hourly chart of the BTC/USD pair. The first main resistance is close to the $33,500 level. The main resistance is around the $34,000 zone. This is where the price can test the 100 hourly simple moving average.
Increasing loss for Bitcoin
If ever Bitcoin fails to clear the $34,000 resistance. It might continue moving down. An essential support on the downside is close to the $32,500 level.
The first major support is around the $32,300 level and the channel trend line. When there is a downside break lower than the channel support, the price can jump up to $31,000. The major support is near the $30,000 level. If ever the bulls fail to protect the $30,000 support zone, then there will be a risk of a sharp decline.
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