Bitcoin Turns Vulnerable, Why BTC Could Nosedive Below $32K

Bitcoin price is slowly moving lower and it is trading well below $33,500 against the US Dollar. BTC remains at a risk of a larger decline if it breaks the $32,000 support zone.

Bitcoin is struggling to recover and it is trading well below $33,500 and $33,000.
The price is now trading near $32,200, but it is well below the 100 hourly simple moving average.
There was a break below a bearish continuation pattern with support near $32,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to accelerate lower if there is a clear break below the $32,200 support zone.

Bitcoin Price Remains At Risk
In the past few sessions, bitcoin price saw bearish moves below the $34,000 and $33,500 support levels. BTC even traded below the $33,000 level and it settled well below the 100 hourly simple moving average.
There was also a break below a bearish continuation pattern with support near $32,900 on the hourly chart of the BTC/USD pair. It is now trading near $32,200, but it is well below the 100 hourly simple moving average. The recent low was formed near $32,208 and the price is now consolidating.
An immediate resistance is near the $32,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $33,354 high to $32,208 low.

Source: BTCUSD on TradingView.com
There is also a declining channel forming with resistance near $32,800 on the same chart. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $33,354 high to $32,208 low. A clear break above the channel resistance and then $33,000 could start a decent recovery. The next major resistance sits near $33,500.
More Losses in BTC?
If bitcoin fails to recover above the $33,000 and $33,500 resistance levels, there is a risk of a larger decline. An initial support on the downside is near the $32,200 level.
The main support is still near the $32,000 level, below which the price might easily dive towards the $30,000 level. Any more losses could set the pace for a drop towards the $28,800 level in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $32,200, followed by $32,000.
Major Resistance Levels – $33,000, $33,500 and $34,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 63,265.95
ethereum
Ethereum (ETH) $ 3,083.92
tether
Tether (USDT) $ 0.999734
bnb
BNB (BNB) $ 548.37
solana
Solana (SOL) $ 137.72
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,080.53
xrp
XRP (XRP) $ 0.493023
dogecoin
Dogecoin (DOGE) $ 0.158634
the-open-network
Toncoin (TON) $ 6.47
cardano
Cardano (ADA) $ 0.458277
avalanche-2
Avalanche (AVAX) $ 34.60
shiba-inu
Shiba Inu (SHIB) $ 0.000022
bitcoin-cash
Bitcoin Cash (BCH) $ 504.37
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 63,272.95
tron
TRON (TRX) $ 0.111186
polkadot
Polkadot (DOT) $ 6.63
chainlink
Chainlink (LINK) $ 13.38
matic-network
Polygon (MATIC) $ 0.698982
litecoin
Litecoin (LTC) $ 77.58
internet-computer
Internet Computer (ICP) $ 12.26
near
NEAR Protocol (NEAR) $ 5.16
leo-token
LEO Token (LEO) $ 5.90
uniswap
Uniswap (UNI) $ 7.14
dai
Dai (DAI) $ 0.998631
first-digital-usd
First Digital USD (FDUSD) $ 0.999506
ethereum-classic
Ethereum Classic (ETC) $ 26.26
aptos
Aptos (APT) $ 9.03
mantle
Mantle (MNT) $ 1.14
blockstack
Stacks (STX) $ 2.51
okb
OKB (OKB) $ 57.53
bittensor
Bittensor (TAO) $ 520.63
crypto-com-chain
Cronos (CRO) $ 0.126147
filecoin
Filecoin (FIL) $ 5.94
render-token
Render (RNDR) $ 8.23
cosmos
Cosmos Hub (ATOM) $ 8.03
stellar
Stellar (XLM) $ 0.106777
arbitrum
Arbitrum (ARB) $ 1.13
vechain
VeChain (VET) $ 0.040533
maker
Maker (MKR) $ 3,054.58
hedera-hashgraph
Hedera (HBAR) $ 0.078539
kaspa
Kaspa (KAS) $ 0.119791
immutable-x
Immutable (IMX) $ 1.92
dogwifcoin
dogwifhat (WIF) $ 2.69
the-graph
The Graph (GRT) $ 0.251709
ethena-usde
Ethena USDe (USDE) $ 0.999598
optimism
Optimism (OP) $ 2.23
coredaoorg
Core (CORE) $ 2.52
wrapped-eeth
Wrapped eETH (WEETH) $ 3,187.48
monero
Monero (XMR) $ 121.88