The price of Bitcoin it failed to stay above the $ 35.000 support level. A decline ensued, which BTC is likely to extend below $ 33.000 in the short term.
There has indeed been a clear break below an important uptrend channel with support near $ 35.600 on the hourly BTC / USD chart. The pair gained pace below the $ 35.000 support level, also breaking the $ 34.200 support. There has therefore been a spike below the $ 34.000 level, with the price currently struggling to regain lost ground. But will he succeed?
Let's say immediately that an immediate resistance is placed close to the level of $ 34.150, but the most significant one is placed at the level of $ 35.000, after which it will be necessary to deal with the resistance test placed near the $ 36.000 zone and the average. simple mobile to 100 hours. A clear break above the $ 36.000 level could reverse the current bearish trend.
If, on the other hand, Bitcoin fails to rise above the $ 35.000 resistance, it could continue to move downwards. A first support is close to the $ 33.200 level, but the one to watch is a little lower, at $ 32.500 and, therefore, to $ 32.000. If the bulls fail to protect the $ 32.000 support zone, there is a risk of a steep drop. If so, the price could also struggle to stay above the key $ 30.000 support zone.