Bitcoin price is trading in a bearish zone below $33,000 against the US Dollar. BTC could extend its decline and it could even dive below $30,000.
Bitcoin remains in a bearish zone, but it is holding the $31,000 support zone. The price is now trading well below $32,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $31,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must settle above $32,000 and the 100 hourly SMA to start a decent recovery in the near term. Bitcoin Price Turns Red
In the past few days, bitcoin price followed a bearish pattern below the $33,000 pivot level. BTC even settled below the $32,000 support zone and the 100 hourly simple moving average.
The price is now holding the $31,000 support zone and it is consolidating in a range. The recent low was formed near $31,154