Bitcoin failed to recover above $32,000 against the US Dollar. BTC is gaining bearish momentum and is trading below the key $30,000 support area.
- Bitcoin started a new decline and traded below the key $30,000 support area.
- The price is now trading below $30,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may accelerate lower below the $27,500 and $27,000 levels in the near term.
Bitcoin Price Drops Below Key Support
Bitcoin price Try recovery wave above the $32,000 level. However, BTC struggled to continue rising and started a new drop below $31,000.
There was a clear move below the key $30K support area and the price settled below 100-hour simple moving average. The decline increased at a slower pace than the $29,500 level. Finally, there was a move below the $28,000 level and the price traded to a new multi-week low of $27,700.
Recently, there was a slight upward correction above $29,000. Bitcoin has recovered above the 23.6% Fibonacci retracement level of the recent decline from $32,132 to a high of $27,700.
However, the bears were active near the $30,000 resistance area. The price remained below the 50% Fib retracement level of the recent decline from $32,132 to the high of $27,700. There is also a major bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next major resistance might be near the $31,500 level. The main breakout area remains near the $32,000 area, above which the price may start a steady recovery wave in the near term.
More losses in bitcoin?
If Bitcoin fails to clear the $30K resistance area, it may continue to move lower. There is immediate support on the downside near the $28,200 level.
The next major support appears near the $27,700 level. A bearish breakout and a close below the $27,700 support could accelerate losses. The next major support could be $27,200, below which the bears may aim to move towards the $26,500 support area.
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.
The main support level is $28,200, followed by $27,700.
Key resistance levels – $29,500, $30K, and $31,400.