Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone.
- Bitcoin started a fresh decline from the $31,750 region.
- The price is now trading below the $30,000 level 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 continue to move down towards $28,500 or even $28,000.
Bitcoin Price Dives 6%
Bitcoin price extended increase above the $31,400 resistance zone. However, BTC struggled to even test the $32,000 resistance zone. A high was formed near $31,725 and the price started a fresh decline.
There was a strong move below the $31,000 and $30,500 support 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. The pair is now trading below the $30,000 level and the 100 hourly simple moving average.
Source:The next major resistance is near the $30,120 level. A clear move above the $30,120 resistance level could send the price towards the 50% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low. Any more gains might change the bias and bitcoin price could rise towards the $31,200 level.