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Bitcoin price failed to consolidate above $31,000 and declined further. BTC could continue to decline towards the $30,000 support area.
- Bitcoin is recovering gains from the $31,000 and $31,250 resistance levels.
- The price is trading below $30,800 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline and test the $30,000 support area.
bitcoin price drop
Bitcoin price failed to consolidate above the $31,000 resistance area. BTC started a decline below the $31,000 and $30,850 levels.
Besides, there was a break below a connecting bullish trend line with support near $30,750 on the hourly chart of the BTC/USD pair. The bears were able to push the price below $30,250. There was a swing low near $30,160 and the price is now consolidating losses.
It is trading near the 23.6% Fib retracement level of the recent decline from the $31,373 high to $30,160 low. Bitcoin is trading below $30,800 and the 100-hour simple moving average.
An immediate resistance is near the $30,600 level. The first major resistance is near the $30,750 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $31,373 high to $30,160 low, above which the price could retest $31,000.
Source: BTCUSD on Tradingview.com
A close above the $31,000 resistance could start a sustained increase. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move towards the $32,000 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $31,750 resistance, it could continue to decline. On the downside, an immediate support is near the $30,150 level and recent lows.
The next major support is near the $30,000 level, below which there is a decline to $29,550. Any further losses in the coming sessions could send the price towards the $29,200 area.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Key support levels are $30,150, followed by $30,000.
Key resistance levels are $30,750, $31,000, and $31,400.
