Bitcoin price extended its decline below $31,500 before recovering higher against the US Dollar. BTC is likely to face resistance near $32,200 and it might continue to move down.
Bitcoin remains in a bearish zone and it recently traded towards the $31,000 level. The price is now trading well below $33,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $32,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must settle above $32,250 and the 100 hourly SMA to start a decent increase in the near term. Bitcoin Price Remains In Downtrend
After a minor upside correction, bitcoin price failed near $33,000. As a result, BTC started a fresh decline below the $32,000 support level. It even broke the $31,550 swing low and settled well below the 100 hourly simple moving average.
It traded as low as $31,190 before it started an