Bitcoin price failed to clear the $35,000 resistance and started a fresh decline against the US Dollar. BTC remains at a risk of a larger decline as long as it is below $34,000.
- Bitcoin failed to extend gains above $34,650 and it started a fresh decline below $34,000.
- The price is now trading below the $33,500 support and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $33,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct losses, but it might face sellers near $34,000 and the 100 hourly SMA.
Bitcoin Price Dives Again
Yesterday, we saw a decent increase in bitcoin above the $33,500 and $34,000 resistance levels. BTC even climbed above the $34,500 level, but it failed to extend gains.
A high was formed near $34,676 before the price started a fresh decline. It broke the $34,000 support level and settled below the 100 hourly simple moving average. There was also a break below a key bullish trend line with support near $33,900 on the hourly chart of the BTC/USD pair.
Source:The main resistance is now near the $34,000 level. A close above the $34,000 level is needed to avoid more downsides in the near term.