TA: Bitcoin Turns Vulnerable, Why BTC Could Nosedive Below $32K

TA: Bitcoin Turns Vulnerable, Why BTC Could Nosedive Below $32K


Bitcoin price is slowly moving lower and it is trading well below $33,500 against the US Dollar. BTC remains at a risk of a larger decline if it breaks the $32,000 support zone.

Bitcoin is struggling to recover and it is trading well below $33,500 and $33,000. The price is now trading near $32,200, but it is well below the 100 hourly simple moving average. There was a break below a bearish continuation pattern with support near $32,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to accelerate lower if there is a clear break below the $32,200 support zone. Bitcoin Price Remains At Risk

In the past few sessions, bitcoin price saw bearish moves below the $34,000 and $33,500 support levels. BTC even traded below the $33,000 level and it settled well below the 100 hourly simple moving average.

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There was also a break below a bearish continuation

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