Don’t get your hopes up yet! Bitcoin price might be showing indicators for a fresh start, but it slides again.
Why might Bitcoin extend losses in the short-term?
Bitcoin price didn’t manage to stay on the $35,000 support against the US Dollar. BTC is now declining and it seems to extend losses below the $33,000 in the short-term.
Bitcoin Price is Down by Over 5%
BTC didn’t stay above the $36,500 support zone and extended its decline. Bitcoin broke the $35,500 support level and then stayed below the 100 hourly simple moving average.
There has been a clear break below the major ascending channel with a support around the $35,600 on the hourly chart of the BTC/USD pair. They have gained a pace below the $35,000 support level and then it even broke $34,200. There has been a spike below the $34,000 level and the price now struggles to recover.
An immediate resistance is near the $34,150 level. It is near the 23.6% Fib retracement level of the recent drop from the $36,824 high to $33.350 low.
A quick resistance is around the $35,000 level. The 50% Fib retracement level of the current drop from the $36,824 high down to $33,350 low is also near the $35,100. The main resistance is close to the $36,000 zone and the 100 hourly simple moving average. A clear break over the $36,000 level can reverse the recent bearish factor.
Will there be any more losses in BTC?
If ever Bitcoin fails to break the $35,000 resistance, it might continue to move downwards. An initial support on the downside is close to the $33,200 level.
The first major support is around the $32,500 level. The main support is around the $32,000 level. If ever the bulls fail to protect the $32,000 support zone, then there will be a risk of a sharp decline. In this case, the price can even struggle to stay over the key $30,000 support zone.
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