TA: Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend

TA: Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend


Bitcoin failed to recover above $32,000 against the US Dollar. BTC is gaining bearish momentum and trading below the key $30,000 support zone.

Bitcoin started a fresh decline and traded below the key $30,000 support zone. The price is now trading below $30,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might accelerate lower below the $27,500 and $27,000 levels in the near term. Bitcoin Price Dives Below Key Support

Bitcoin price attempted a recovery wave above the $32,000 level. However, BTC struggled to continue higher and started a fresh decline below $31,000.

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There was a clear move

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