Bitcoin’s losses continued, and it even fell below $30,000 against the US dollar. BTC is currently consolidating and could correct higher towards the $32,000 resistance level. BITCOIN began a sharp decline below the $33,500 and $32,000 support levels. The price is currently trading below $32,000 and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, two significant bearish trend lines are forming with resistance near $32,000. Although the pair may correct higher, the bears may remain active near $32,000.

BTC/USD Dropped by 10% – What’s Next?

Bitcoin price remained in a major downtrend and fell below the $35,000 mark. BTC traded underneath the key support levels of $33,500 and $32,000, moving into a bearish zone.

A close below $32,000 and the 100 hourly simple moving average occurred. The price dropped below $30,800 and spiked below $30,000. A new multi-week low near $29,755 is forming, and the price is now consolidating losses.

On the plus side, the bitcoin price is encountering resistance near the $31,250 mark. It is close to the 23.6 percent Fib retracement level of the recent decline from the swing high of $36,060 to the low of $29,755.

The next significant resistance level could be around $32,000. On the hourly chart of the BTC/USD pair, two significant bearish trend lines are forming with resistance near $32,000. The key breakout zone could be around $33,000.

The 50% Fib retracement level of the recent decline from the $36,060 swing high to the $29,755 low is also near $33,000. To begin a decent recovery wave, the price must rise above $33,000. In the stated case, the price could rise to $35,000 or higher.

More Bitcoin Losses?

If Bitcoin fails to break through the $32,000 resistance level, it may continue to fall. On the downside, there is immediate support near $30,200.

The next significant support is seen near the $30,000 mark. A break and close below the $30,000 support level could spark further declines. The next significant financial assistance could be $29,500. Any further losses could push the price down to the $28,800 support level. Good luck!