TA: Bitcoin Bears Are Back, Here’s Why BTC Could Test $30K

TA: Bitcoin Bears Are Back, Here’s Why BTC Could Test $30K

Bitcoin price failed to clear the $37,000 resistance against the US Dollar. BTC is declining and it remains at a risk of more losses below $34,000.

Bitcoin is facing a lot of hurdles near the $36,000 and $37,000 resistance levels. The price is currently trading well below $37,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $34,000 support and $33,200. Bitcoin Price Turns Red

Bitcoin made a couple of attempts to clear the $37,000 resistance zone, but it failed. The last swing low was formed near $33,650 before BTC corrected higher.

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It broke the $34,000 and $35,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $40,417 high to $33,650 low. The price is

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