TA: Bitcoin Struggles Below $32K, Why Downtrend Could Resume

Bitcoin attempted a recovery wave above $32,000 against the US Dollar. BTC is struggling and remains at a risk of more losses below $30,000. Bitcoin started a short-term recovery wave after it tested the $30,000 zone. The price is now trading below $31,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might resume decline if it stays below the $32,400 resistance zone. Bitcoin Price Faces Hurdles Bitcoin price extended downsides below the $32,000 level. BTC even tested the $30,000 support zone and traded as low as $29,755. Recently, there was an upside correction above the $31,000 level. The price was able to climb above the 23.6% Fib retracement level of the key drop from the $36,059 swing high to $29,755 low. The bulls were able to push the price above the $32,000 resistance. However, they faced a strong resistance near the $32,650 zone. Bitcoin remained below the 50% Fib retracement level of the key drop from the $36,059 swing high to $29,755 low. The price is now trading below $31,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $31,400 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price is facing resistance near the $31,250 level. Source: BTCUSD on TradingView.com The next key resistance could be ne...