HomeBitcoin NewsBitcoin Price Analysis: BTC Struggles Below $32K

Bitcoin Price Analysis: BTC Struggles Below $32K

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  • Bitcoin price is facing a strong resistance near the $31,000 resistance against the US Dollar.
  • The price is now trading below $31,000 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $31,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a steady increase if there is a move above the $32,000 level.

Bitcoin price is struggling below $32,000 against the US Dollar. BTC might extend losses if it stays below the $31,200 and $32,000 resistance levels.

Bitcoin Price Analysis

Bitcoin price extended its decline below the $30,500 support zone. A low was formed near the $29,250 zone before there was a recovery wave.

The price climbed above the $30,000 and $31,000 resistance levels. However, the price failed on a few occasions near the $31,500 and $31,550 levels. The recent high was formed near $31,549 before there was a fresh decline.

A low is formed near $29,829 and the price is now rising. It surpassed the 23.6% Fib retracement level of the downward move from the $31,549 swing high to $29,829 low. Bitcoin is now trading above $31,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $30,700 level.

The stated resistance is near the 50% Fib retracement level of the downward move from the $31,549 swing high to $29,829 low. The next major resistance on the upside is near the $31,2000 level.

There is also a key bearish trend line forming with resistance near $31,200 on the 4-hours chart of the BTC/USD pair. To start another increase, the price must settle above the $31,550 level in the near term.

In the stated case, bitcoin could rise towards the $32,500 resistance or even $33,000. The next major resistance sits near the $34,500 level. If there is no upside break, the price might start a fresh decline below $30,000. The next key support is near the $29,250 level. Any more losses might call for a test of the $28,500 support zone.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $31,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $32,000 level.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $30,000 and $29,250.

Key Resistance Levels – $31,200, $31,550 and $32,000.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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