TA: Bitcoin Extends Losses, Why $30K Holds The Key For Next Wave

TA: Bitcoin Extends Losses, Why $30K Holds The Key For Next Wave


Bitcoin price extended its decline below the $33,000 support zone against the US Dollar. BTC is currently recovering and it must stay above $30,000 to avoid a larger decline.

Bitcoin extended its decline below the $33,500 and $33,000 support levels. The price is currently well below $35,000 and the 100 hourly simple moving average. There is a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline if there is a break below $32,300 and $32,000. Bitcoin Price is Under Pressure

Bitcoin remained in a bearish zone below the $35,500 support zone and extended its decline. BTC broke the $33,500 support level and settled below the 100 hourly simple moving average.

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The price even declined below the $32,000 support zone. A low was formed near $31,065 before the price started an upside correction. There was a break above the $32,000

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