Bitcoin price could not stay above $32,000 and went for another deep correction. Currently, BTC is consolidating below $30,000. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin went on a new downtrend and lost the critical $30k support level.
- Currently, the price is below $30,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see BTC riding a downtrend with resistance level at $31,000.
- It is likely for Bitcoin to see immense selling pressure below $27,500 and $27,000.
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Bitcoin Price Action Analysis
Bitcoin failed to surpass $32,000 and subsequently lost the $31,000 support with a plunge. Furthermore, it dipped below $30,000 and closed out below the SMA100. With the strong bearish momentum, the price moved below $29,500 and $28,000 reaching a new low of $27,700. However, it did manage to make a small recovery attempt to go back above $29,000 and the 23.6% Fibonacci retracement level from the latest all from $32,132 to $27,700.
Yet again, the sellers pushed BTC down at $30,000 and the price remained below the 50% Fibonacci retracement level. On the 1-hour chart, we see Bitcoin price on a downtrend with resistance at $31,000.
The next resistance level is at $31,500 and the breakout level is still at $32,000. In case Bitcoin closes above $32,000, there could be an uptrend to follow.
On the other hand, if Bitcoin price fails to surpass $30,000, the downtrend will likely continue. In that case, the first support level is at $28,200 followed closely by $27,700. Dipping below $27,700 will once again increase selling pressure. In which case, BTC could quickly approach $26,500.
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 50.
Resistance levels: Right now, the $29,500, $30,000 and $31,400 are the crucial resistance levels for BTC.
Support levels: The $28,200 and $27,700 are currently the key support levels for the price.
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