Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is trading in a bearish zone below $33,000 against the US Dollar. BTC could extend its decline and it could even dive below $30,000.
- Bitcoin remains in a bearish zone, but it is holding the $31,000 support zone.
- The price is now trading well below $32,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $31,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above $32,000 and the 100 hourly SMA to start a decent recovery in the near term.
Bitcoin Price Turns Red
In the past few days, bitcoin price followed a bearish pattern below the $33,000 pivot level. BTC even settled below the $32,000 support zone and the 100 hourly simple moving average.
The price is now holding the $31,000 support zone and it is consolidating in a range. The recent low was formed near $31,154 and the price is now correcting losses. There was a break above the $31,500 resistance zone.
The price was able to climb above the 23.6% Fib retracement level of the recent decline from the $32,450 swing high to $31,154 low. An immediate resistance on the upside is near the $31,800 level and the 100 hourly SMA.
The 50% Fib retracement level of the recent decline from the $32,450 swing high to $31,154 low is also near the $31,800 level. Moreover, there is a key bearish trend line forming with resistance near $31,850 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A close above the trend line resistance could initiate a decent recovery above $32,000. A close above the $32,000 level may push the price towards $33,000.
More Losses in BTC?
If bitcoin fails to recover above the $31,800 and $32,000 resistance levels, there is a risk of more losses. An initial support on the downside is near the $31,200 level.
The first major support is now near the $31,000 zone. A close below the $31,000 level could spark a steady decline in the near term. In the stated case, the price is likely to even trade below the $30,000 support level.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $31,200, followed by $31,000.
Major Resistance Levels – $31,800, $32,000 and $33,000.
