TA: Bitcoin Holds Strong Above $30K, Why BTC Could Struggle Near $36K

TA: Bitcoin Holds Strong Above $30K, Why BTC Could Struggle Near $36K


Bitcoin price declined over 25% and it even traded close to $30,000 against the US Dollar. BTC started a fresh increase, but it is facing a strong resistance near $35,800 and $36,000.

Bitcoin started a downside correction below the $35,000 and $32,000 support levels. The price is now recovering from $30,400, but it is well below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could struggle to continue higher unless it gains pace above $35,000 and $36,000. Bitcoin Price Recovers From $30K

Yesterday, there was a sharp decline in bitcoin price after it broke the $35,000 support. BTC declined over 25% and it even broke the $32,000 support zone. It even traded close to the $30,000 level and settled well below the 100 hourly simple moving average.

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A low was formed near $30,359

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