TA: Bitcoin Bears Lose Strength, What Could Trigger A Decent Recovery

TA: Bitcoin Bears Lose Strength, What Could Trigger A Decent Recovery


Bitcoin price extended its decline below the $30,000 support against the US Dollar. BTC is finding bids near $29,250 and it might attempt an upside correction.

Bitcoin is following a bearish path and it broke the key $30,000 support zone. The price is now trading well below $31,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $31,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent upside correction if it remains stable above the $29,250 level. Bitcoin Price Settles Below $30K

Bitcoin price extended its decline below the $30,200 and $30,000 support levels. BTC even settled well below the $30,000 level and the 100 hourly simple moving average to move further into a bearish zone.

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The price even spiked below $29,500 and traded as low as $29,313. It seems like bitcoin is forming a support base above the

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