TA: Bitcoin Dives To $30K, Why Short-term Recovery Seems Possible

Bitcoin extended losses and even spiked below $30,000 against the US Dollar. BTC is now consolidating and might correct higher towards the $32,000 resistance. Bitcoin started a strong decline below the $33,500 and $32,000 levels. The price is now trading below $32,000 and the 100 hourly simple moving average. There are two important bearish trend lines forming with resistance near $32,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might correct higher, but the bears might remain active near $32,000. Bitcoin Price Declines 10% Bitcoin price remained in a major downtrend and extended downsides below the $35,000 level. BTC traded below the key $33,500 and $32,000 support levels to move further into a bearish zone. There was a close below $32,000 and the 100 hourly simple moving average. The price even traded below the $30,800 level and spiked below $30,000. A new multi-week low is forming near $29,755 and the price is now consolidating losses. On the upside, bitcoin price is facing resistance near the $31,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $36,060 swing high to $29,755 low. The next key resistance could be near the $32,000 level. There are two important bearish trend lines forming with resistance near $32,000 on the hourly chart of the BTC/USD pair. The key breakout zone could be near the $33,000 zone. Source: BTCUSD on TradingView.com The 50% Fib re...