Bitcoin has fallen hard. The cryptocurrency failed to stay above the $35,000 support. In the short term, it seems possible for Bitcoin to drop below $33,000.
Bitcoin is falling
Bitcoin started a fresh decline after breaking the $36,500 and $36,000 support levels. The price is currently trading well below $36,000 and the 100 hourly simple moving average.
Looking at the hourly chart of the BTC/USD pair, we see a break below a major ascending channel with support near the $35,600 level.
The pair seems likely to continue moving below the $33,000 and $32,000 support levels. If Bitcoin fails to break the $35,000 resistance, it could continue to move lower. An initial support on the downside appears to be at the $33,200 level.
The first major support in Bitcoin appears to be at the $32,500 level. In BTC, where the main support is located in a band near the $32,000 level, there is a risk of a sharp decline if the bulls fail to protect the $32,000 support zone. On the other hand, in the stated situation, the price looks like it will continue to struggle even to stay above the key $30,000 support zone.
Looking at the technical indicators, we see that the hourly MACD is now gaining momentum in the bearish zone. The hourly RSI (Relative Strength Index) is currently well above the 50 level. It is seen that the main support levels are $ 33,200 and then $ 32,000, and the main resistance levels are $ 34,150, $35,000 and $36,000.
It is wondered at what level the next direction will be for Bitcoin. If the decline hangs below the $30,000 band, it is said that $25,000 levels can be seen. On the other hand, Bitcoin has been moving in a range between $30,000 and $38,000 for a long time. This last drop shows that even Microstrategy’s move could not make a positive contribution to the price.