Bitcoin price extended its decline and spiked below $30,000. BTC is showing a few bearish signs and might extend its decline toward the $28,400 support zone.
- Bitcoin is moving lower below the $30,500 support zone.
- The price is trading below $30,300 and the 100 hourly Simple moving average.
- There was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline and test the $28,400 support zone.
Bitcoin Price Extends Decline
Bitcoin price remained well below the $31,000 resistance zone. BTC spiked higher but upsides were limited above the $31,400 resistance. As a result, the price reacted to the downside below the $31,000 level.
The price declined below the $30,650 and $30,500 levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair. It even spiked below the $30,000 support zone.
A low is formed near $29,868 and the price is now consolidating losses. Bitcoin is now trading below $30,300 and the 100 hourly Simple moving average. Immediate resistance is near the $30,280 level. It is close to the 23.6% Fib retracement level of the recent decline from the $31,631 swing high to the $29,868 low. The first major resistance is near the $30,500 level, above which the price could start a decent recovery wave. The next resistance is near $30,750 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,631 swing high to the $29,868 low, above which the price might retest $31,000.
