Bitcoin, the largest cryptocurrency, recorded its lowest weekly close since December 2020. Bitcoin price is trading in a bearish zone below $33,000 against the US Dollar. According to the famous analyst Aayush Jindal, who has made successful claims, the Bitcoin price may extend its decline and even fall below $ 30,000.
- Bitcoin price stays in bearish zone but retains $31,000 foothold.
- Price is currently trading well below $32,500 and the 100 hourly easy moving average.
- There is a key bearish trend line forming with resistance near $31,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair must climb above $32,000 and the 100 hourly SMA to start an adequate recovery in the near term.
Analyst: Bitcoin could extend its decline and even fall below $30,000
Cryptocoin. com, over the past few days, Bitcoin price followed a bearish pattern below the $33,000 pivot level. Bitcoin price even settled below the $32,000 support area and the 100 hourly easy moving average. The price is currently holding the $31,000 support zone and is consolidating in a range. The last base level was formed around $31.154 and the price is now correcting losses.
31. There was a break above the $500 resistance zone. The price managed to climb above the 23.6% Fib retracement level of the recent decline from the $32,450 high to $31.154 high. An immediate resistance is near the $31,850 level, according to the analyst. The 50% Fib retracement level of the recent decline from the $32,450 high to $31.154 low is also near the $31,850 level. Moreover, there is a key bearish trend line forming with resistance near $31,850 on the hourly chart of the BTC/USD pair.
Where is the bitcoin price headed now? Here are the points of purpose
A close above the trendline resistance could start an adequate recovery above $32,000. A close above the $32,000 level could push the price towards $33,000 real. If bitcoin price fails to break above the $31,850 and $32,000 resistance levels, there is a greater risk of losses. The first pillar on the downside is close to the $31,200 level, according to the analyst.
The first major anchor is currently close to the $31,000 region, according to the analyst. A close below the $31,000 level could lead to a steady decline in the near term. In the stated case, it is possible for the price to trade even below the $30,000 anchor level, according to the analyst.
Current view of Bitcoin price with technical indicators
Hourly MACD:MACD for BTC/USD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently quickly below the 50 level.
Main Basis Levels:31. $200, then $31,000.
Main Resistance Levels: $31,850, $32,000 and $33,000.