Bitcoin

Bitcoin price extended its decline and tested the $31,500 zone against the US Dollar. BTC is now recovering losses, but it is likely to face sellers near $34,000 and $35,000.

Bitcoin remained in a bearish zone and it even broke the $32,000 support zone.
The price is now trading well below $35,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to correct higher, but the bears could prevent gains above $35,000 in the near term.

Bitcoin Price Could Recover Losses
Bitcoin struggled to stay above the $33,000 zone and it extended its decline. BTC broke the $32,500 and $32,000 support levels to move further into a bearish zone.
The price even spiked below the $31,500 level and settled well below the 100 hourly simple moving average. It traded as low as $31,310 and it recently started an upside correction. Bitcoin is now back above the $32,000 and $32,500 resistance levels.
There was also a break above the 23.6% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low. An initial resistance on the upside is near the $33,800 level (the recent breakdown zone).
The 50% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low is also near $33,800. The main resistance is now forming near the $35,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
Therefore, bitcoin bulls are likely to face a major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside sits at $36,200.
More Losses in BTC?
If bitcoin fails to clear the $33,800 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $32,000 level.
The next major support is near the $31,500 level. A downside break below $31,500 could open the doors for more losses. In the stated case, the price might even test $30,000.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to clear the 50 level.
Major Support Levels – $32,000, followed by $31,500.
Major Resistance Levels – $33,800, $34,000 and $35,000.

Ericka Turcotte

By Ericka Turcotte

I have worked in the financial sector for over 10 years and have a keen interest in cryptocurrency. I have been writing about crypto for the past two years and have become one of the most respected authors in the space. I have a deep understanding of how this new asset class works and am able to provide insights that are both interesting and useful to my readers.

bitcoin
Bitcoin (BTC) $ 16,224.02
ethereum
Ethereum (ETH) $ 1,173.36
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 295.52
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.384697
dogecoin
Dogecoin (DOGE) $ 0.095656
cardano
Cardano (ADA) $ 0.306906
matic-network
Polygon (MATIC) $ 0.823268
polkadot
Polkadot (DOT) $ 5.17
staked-ether
Lido Staked Ether (STETH) $ 1,156.03
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.997936
litecoin
Litecoin (LTC) $ 71.93
okb
OKB (OKB) $ 20.27
tron
TRON (TRX) $ 0.052930
solana
Solana (SOL) $ 13.36
uniswap
Uniswap (UNI) $ 5.28
avalanche-2
Avalanche (AVAX) $ 12.34
leo-token
LEO Token (LEO) $ 3.91
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,117.79
chainlink
Chainlink (LINK) $ 6.72
cosmos
Cosmos Hub (ATOM) $ 9.74
ethereum-classic
Ethereum Classic (ETC) $ 18.96
the-open-network
The Open Network (TON) $ 1.71
monero
Monero (XMR) $ 135.61
stellar
Stellar (XLM) $ 0.086763
bitcoin-cash
Bitcoin Cash (BCH) $ 108.13
algorand
Algorand (ALGO) $ 0.233620
quant-network
Quant (QNT) $ 113.91
crypto-com-chain
Cronos (CRO) $ 0.062498
apecoin
ApeCoin (APE) $ 3.85
filecoin
Filecoin (FIL) $ 4.21
vechain
VeChain (VET) $ 0.018425
near
NEAR Protocol (NEAR) $ 1.53
hedera-hashgraph
Hedera (HBAR) $ 0.048611
frax
Frax (FRAX) $ 0.999141
flow
Flow (FLOW) $ 1.11
internet-computer
Internet Computer (ICP) $ 3.87
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 42.36
eos
EOS (EOS) $ 0.900780
terra-luna
Terra Luna Classic (LUNC) $ 0.000159
theta-token
Theta Network (THETA) $ 0.917924
paxos-standard
Pax Dollar (USDP) $ 1.00
tezos
Tezos (XTZ) $ 0.975771
chain-2
Chain (XCN) $ 0.040522
chiliz
Chiliz (CHZ) $ 0.162607
the-sandbox
The Sandbox (SAND) $ 0.553141
aave
Aave (AAVE) $ 59.94