Bitcoin tried to recover above $32,000 against US Dollar. BTC continues to struggle and is at risk of further losses under $30,000.
- Bitcoin experienced a brief recovery after testing the $30,000 threshold.
- The price currently trades at $31,500.
- On the hourly chart for the BTC/USD pair, there is a significant bearish trend line with resistance at $31,400 (data feed Kraken).
- It is possible for the pair to resume falling if it remains below $32,400.
Bitcoin Price Faces Hurdles
Bitcoin’s price fell to below $32,000. BTC reached the $30,000 resistance zone, and even traded at $29755.
Recently, the price corrected above the $31,000 mark. It was possible to rise above 23.6% Fib Retracement of the pivotal drop from the $36,059 swing low to the $29,755 high. The price was able to rise above $32,000 resistance thanks to the bulls.
They were however met with strong resistance at the $32,650 level. Bitcoin did not reach the 50% Fib Retracement level, which was the critical drop in price from the $36,059 swing high and $29755 low.
The current price of the BTC/USD pair is trading at $31,500, below its 100 hourly simple moving mean. On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $31,400. Bitcoin price faces resistance at the level of $31,250.
Source: BTCUSD at TradingView.com
Near the $31,400 mark could be the next major resistance. It is possible that the key breakout area could be in close proximity to $32,650. The key breakout zone could be near the $32,400-$32,650 levels. This would signal an increase that will continue in the immediate future.
BTC: More losses
Bitcoin could move lower if it fails to break the $32,400 resistance level. A $30,500 level provides immediate support for the downside.
Near the $30,000 support, we see the next significant support. If there is a downside break, a move below the $30,000 resistance could trigger another fall. A move below the $29,500 support level could trigger a decline to the $28,800 zone.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $30,500, followed by $30,000.
Major Resistance Levels – $31,250, $32,400 and $32,650.