Bitcoin Price Analysis: BTC Struggles Below $32K

  • 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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