Briefly –
- BTC remains trapped in a bearish territory as it holds support at $31K.
- At the moment, the coin trades well beneath $32.5K and the 100-hour SMA.
- BTC/USD hourly price chart indicates a vital bearish trend-line forming with resistance around $31,850 (data from Kraken).
- The pair needs to settle over $32k and the 100-hr SMA for near-term satisfactory recoveries.
BTC Turns Red
Bitcoin has been trading in a bearish outlook beneath the pivot level at $33,000 over the last few days. At the moment, BTC’s price consolidates in ranges, holding support around the $31,000 mark. The asset has its recent low near the $31,154 mark before correcting the losses gradually. At some point, BTC managed to break over the resistance level at $31,500.
Bitcoin price climbed over the Fib retracement zone at 23.6% following its recent drops to $31,154 from the highs at $32,450. If the leading crypto rallies upward, it would have resistance at the $31,800 zone and the 100-hr SMA.
Meanwhile, the 50% Fibonacci retracement of the recent drops is around the $31,800 mark. Also, the coin has a vital bearish trend-line showing the $31,850 resistance on the BTC/USD hourly chart.
A close over the resistance trend-line can affirm decent recoveries over $32K. Also, the coin will magnify its chances to launch uptrends.
More BTC Losses?
BTC has risks to endure more losses if it fails to recover over the resistance levels at $31.8K and $32K. With that, the dominant coin would have its first downside support around $31,200.
Currently, the asset has its initial massive support at $31,000. A close beneath this level can translate to steady losses in the near term. With such a market attitude, BTC’s price might plunge beneath the support level at $30,000.
Anyone planning to buy BTC needs to consider the bearishness dominating the market for now. Meanwhile, it is an opportunity for investors that want to buy the dip.
Technical Indicators
For now, most BTC tech indicators show increased bearishness. Here is what they suggest:
- Vital support levels – $31.2K, $31K.
- Vital resistance levels – $31.8K, $32K, and $33K.
- Hourly MACD – MACD loses pace gradually towards the bullish territory.
- Hourly RSI – BTC/USD’s RSI remains beneath the 50-zone.
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