Bitcoin price could decline if it continues to struggle below $31K

Bitcoin price declined below the $30,500 pivot level. If there is a close below the $29,800 support area in the near term, BTC could decline significantly.

• Bitcoin is declining below the $30,500 support area.
• The price is trading below $30,500 and the 100 hourly simple moving average.
• There was a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• If the pair sustains below $31,200 for a long time, it could extend its decline.

Bitcoin price shows bearish signs

Bitcoin price moved into the red zone after breaking the $30,500 support area. BTC traded below the $30,000 level but losses were limited.

It seems that the price is trading in a range above the $29,850 support area. There was a move above the 23.6% Fibonacci retracement level of the decline from the $31,630 high to $29,868 low. The price even attempted a fresh rise above the $30,500 resistance but failed.

Bitcoin is now trading below $30,500 and the 100-hour simple moving average. There was also a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC/USD pair.

If there is an increase, the price may face resistance near the $30,300 level and the 100 hourly simple moving average. The next resistance is near the $30,500 area, above which the price could retest $30,750. It is close to the 50% Fibonacci retracement level of the downside move from the $31,630 high to $29,868 low.

Source: BTCUSD on Tradingview.com

If the bulls propel the price above the $30,750 level, there could be a move towards $31,000. 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 $30,300 resistance, it could continue to decline. On the downside, an immediate support is near the $30,000 level.

The next major support is near the $29,850 level, below which there are chances of a decline towards $29,400. Any further losses could take the price towards the $28,800 level.

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 – $29,850, followed by $29,400.

Key resistance levels are $30,300, $30,500, and $30,750.