By Solomon Odunayo
- BTC resumed its downward trends after failure to challenge the resistance level at $32,400.
- Bitcoin is beneath 100hr SMA and the crucial $30K.
- Moreover, the 1hr chart shows BTC broke beneath a vital bullish trend-line with $31,750 support.
- Losing the support barriers at $29,450 and $29.4K will see the pair in extended declines.
Bitcoin kick-started new plunged from the resistance at $32.4K. The leading crypto should steady beyond $29,450 to prevent further dips.
Bitcoin Sheds Gains
Bitcoin witnessed another plunge from the resistance at $32.4K. Intensified bearishness saw the leading crypto plunging below $32K and $31.5K. Furthermore, the 1hr chart shows BTC/USD falls under a crucial bullish level with support at $31,750.
That had the world’s largest crypto falling under the 50% Fibonacci retracement mark of the upsurge to $32.4K from $28,250.
For now, BTC has its price actions below the 100hr Simple Moving Average and the $30K. Moreover, the price consolidates around the 61.8% Fibonacci retracement zone of the upsurge from $28,250 to $32.4K.
Such moves turned $30K into the immediate resistance zone. Another massive hurdle stands at $30.4K and 100hr Simple Moving Average.
A decisive move past the obstacle at $30.4K might trigger another leg up for Bitcoin. That would see the bellwether crypto climbing towards the resistance at $30.8K, beyond which BTC will target the resistance near $32K.
More Declines in Bitcoin
Bitcoin might witness new declines if it fails to overcome the $30.4K resistance. The immediate resistance to the downside sits at $29,450. Another foothold will appear at $29,250.
A downward move beneath $29,250 might see BTC bulls struggling amidst intensified downside pressure. That might see it revisiting the footing around $28,250. Further dips would see the bellwether crypto plunging to $27,500.
Bitcoin’s overnight crash to levels beneath $30K meant bearishness in the overall marketplace. Ethereum surrendered its fight to overcome $2000 following a 5.8% decline towards the $1,800 mark.
The altcoin market endured a massive bloodbath, Solana leading the losers after shedding more than 13% on the day. Meanwhile, the global cryptocurrency market capitalization declined by over 5% to $1.23 trillion.
Stay tuned for upcoming updates.