Bitcoin price had a strong crash and at some point dipped below $30,000. Currently, the price is consolidating while moving toward $32,000. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin lost the $33,500 and $32,000 support levels.
- Currently, BTC is trading below $32,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we have a new downtrend with resistance level at $32,000.
- The selling pressure is likely to increase around $32,000.
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Bitcoin Price Action Analysis
The Bitcoin plunge continued as the price lost the key support level at $35,000. Subsequently, BTC lost the $33,500 and $32,000 and dipped below $30,800. At some point, the price had a spike reaching below $30,000 and reached a 6-month low of $29,755. Finally, it managed to bounce back with a recovery.
The first resistance level for BTC is at $31,250 near the 23.6% Fibonacci retracement level from the latest fall from $36,060 to $29,755. Following that, the $32,000 is another critical level since it is located on a downtrend. However, the breakout point is at $33,000 which is also on the 50% Fibonacci retracement level. In order to turn bullish, Bitcoin must stabilize well-above $33,000. Only then, it could make another attempt to surpass $35,000.
On the other hand, if Bitcoin price fails to surpass $32,000, the downtrend will continue. In that case, the $30,200 will be the first support level followed closely by $30,000. Dipping below $30k would jump start a downward spark. With that, the $29,500 and $28,800 will be the next support levels for BTC.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 40.
Resistance levels: Right now, the $31,000, $32,000 and $33,000 are the crucial resistance levels for BTC.
Support levels: The $30,200 and $30,000 are currently the key support levels for the price.
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