Bitcoin Struggles Below dollar32K, Why Downtrend Could Resume
Categories: Bitcoin US
Bitcoin Struggles Below $32K, Why Downtrend Could Resume
Bitcoin Price Faces Hurdles
Bitcoin price extended downsides below the $32,000 level. BTC even tested the $30,000 support zone and traded as low as $29,755.Recently, there was an upside correction above the $31,000 level. The price was able to climb above the 23.6% Fib retracement level of the key drop from the $36,059 swing high to $29,755 low. The bulls were able to push the price above the $32,000 resistance.
However, they faced a strong resistance near the $32,650 zone. Bitcoin remained below the 50% Fib retracement level of the key drop from the $36,059 swing high to $29,755 low.The price is now trading below $31,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price is facing resistance near the $31,250 level.
More Losses in BTC?
If bitcoin fails to clear the $32,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $30,500 level.The next major support is seen near the $30,000 level. A downside break and close below the $30,000 support might start another decline. The next major support could be $29,500, below which the bears might aim a move towards the $28,800 support zone.