TA: Bitcoin Breaks $30K, Why This Could Turn Into Larger Downtrend

Bitcoin failed to recover above $32,000 against the US Dollar. BTC is gaining bearish momentum and trading below the key $30,000 support zone. Bitcoin started a fresh decline and traded below the key $30,000 support zone. The price is now trading below $30,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $31,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might accelerate lower below the $27,500 and $27,000 levels in the near term. Bitcoin Price Dives Below Key Support Bitcoin price attempted a recovery wave above the $32,000 level. However, BTC struggled to continue higher and started a fresh decline below $31,000. There was a clear move below the key $30,000 support zone and the price settled below the 100 hourly simple moving average. The decline gained pace below the $29,500 level. Finally, there was a move below the $28,000 level and the price traded to a new multi-week low at $27,700. Recently, there was a minor upside correction above $29,000. Bitcoin recovered above the 23.6% Fib retracement level of the recent decline from the $32,132 swing high to $27,700 low. However, the bears were active near the $30,000 resistance zone. The price remained below the 50% Fib retracement level of the recent decline from the $32,132 swing high to $27,700 low. There is also a key bearish trend line forming with resistance near $31,000 on the hour...