Bitcoin failed to extend gains above $34,650 and it started a fresh decline below $34,000.
The price is now trading below the $33,500 support and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $33,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct losses, but it might face sellers near $34,000 and the 100 hourly SMA.
Bitcoin Price Dives Again
A high was formed near $34,676 before the price started a fresh decline. It broke the $34,000 support level and settled below the 100 hourly simple moving average. There was also a break below a key bullish trend line with support near $33,900 on the hourly chart of the BTC/USD pair.
The pair spiked below the $33,000 level and traded as low as $32,675. Bitcoin is now correcting losses and trading above $33,000. It is testing the 23.6% Fib retracement level of the recent decline from the $34,676 high to $32,675 low.
Source: BTCUSD on TradingView.com
More Losses in BTC?
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 – $32,500, followed by $32,200.
Major Resistance Levels – $33,500, $33,650 and $34,000.