Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline.
- Bitcoin extended its decline below the $33,500 and $33,000 support levels.
- The price is currently well below $35,000 and the 100 hourly simple moving average.
- There is a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if there is a break below $32,300 and $32,000.
Bitcoin Price is Under Pressure
Bitcoin remained in a bearish zone below the $35,500 support zone and extended its decline. BTC broke the $33,500 support level and settled below the 100 hourly simple moving average.
The price even declined below the $32,000 support zone. A low was formed near $31,065 before the price started an upside correction. There was a break above the $32,000 and $32,500 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $36,820 swing high to $31,065 low.
However, the price is facing a strong resistance near the $34,000 level. It seems like the 50% Fib retracement level of the recent decline from the $36,820 swing high to $31,065 low is acting as a hurdle.
Source:There is also a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair. The first major resistance is near the $33,500 level. The main resistance is near the $34,000 zone, above which the price could test the 100 hourly simple moving average.