TA: Bitcoin Downtrend Intact, Why The Bears Might Aim $32K

Bitcoin started a strong decline below the $37,500 support against the US Dollar. BTC even traded below $35,000 and might continue to move down towards $32,000. Bitcoin started a strong decline below the $36,500 and $35,500 levels. The price is now trading below $35,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $34,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might accelerate further lower below the $33,500 support zone in the near term. Bitcoin Price Settles Below $35K Bitcoin price struggled to stay above the $36,000 support zone and extended downsides. BTC traded below the key $35,500 and $35,000 support levels to move further into a bearish zone. There was a close below $35,000 and the 100 hourly simple moving average. The price even traded below the $34,000 level and traded to a new multi-week low at $33,700. It is now consolidating losses and showing bearish signs below $34,000. On the upside, bitcoin price is now facing resistance near the $34,000 level. The next key resistance could be near the $34,200 level. There is also a key bearish trend line forming with resistance near $34,200 on the hourly chart of the BTC/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $36,058 swing high to $33,700 low. Source: BTCUSD on TradingView.com The main resistance is now forming near the $35,00...