Bitcoin (BTC)Crypto News

Bitcoin Price Prediction – Why BTC Could Reverse Above $29,000

Bitcoin’s losses continued and it even fell below $30,000 against the US Dollar. BTC Currently consolidating and might correct higher towards the $32,000 resistance level. Bitcoin started a sharp decline below the $33,500 and $32,000 support levels. The price is currently trading below $32,000 and the 100 hourly simple moving average.

There are two significant bearish trend lines forming with one on the hourly chart of the BTC/USD pair Resistance near $32,000. Although the pair could correct higher, the bears could remain active near $32,000.

BTC/USD Down 10% – What Next?

Bitcoin price remained in a major downtrend and fell below the $35,000 level. Trading below the key $33,500 and $32,000 support levels, BTC moved into a bearish zone.

BTC/USD

It came to a close below $32,000 and the 100 hourly simple moving average. The price dropped below $30,800 and surged below $30,000. A new multi-week low is forming near $29,755 and the price is now consolidating its losses.

On the upside, bitcoin price is facing resistance near $31,250. It is close to the 23.6 percent Fib retracement level of the recent drop from the $36,060 swing high to the $29,755 low.

The next significant resistance level could be around $32,000. There are two significant bearish trend lines forming with resistance near $32,000 on the hourly chart of the BTC/USD pair. The main breakout zone could be around $33,000.

The 50% Fib retracement level of the recent drop from the $36,060 high to $29,755 low is also near $33,000. To start a decent recovery wave, the price needs to scale above $33,000. In that case, the price could go up to $35,000 or more.

More Bitcoin-Losses?

If bitcoin fails to break the $32,000 resistance level, it could fall further. On the upside, there is immediate support near $30,200.

The next significant support is seen near the $30,000 level. A break and close below the $30,000 support level could trigger further declines. The next significant financial endorsement could be $29,500. Further losses could push the price to the $28,800 support level. Much luck!

Source: Crypto News Deutsch

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