Bitcoin struggled to stay above the $32,000 support and it extended its decline. BTC broke the main $30,500 and $30,000 support levels to move further into a bearish zone.
The price even spiked below the $29,000 level and settled well below the 100 hourly simple moving average. It traded as low as $28,822 and it recently started an upside correction. Bitcoin gained pace and it was able to reclaim the $30,000 barrier.
There was also a break above the 50% Fib retracement level of the recent decline from the $36,171 swing high to $28,822 low. It is now trading close to the $34,000 zone and the 100 hourly simple moving average.
An initial resistance on the upside is near the $34,500 level. It is near the 76.4% Fib retracement level of the recent decline from the $36,171 swing high to $28,822 low. The main resistance is still near the $35,000 zone. There is also a major bearish trend line forming with resistance near $35,000 on the hourly chart of the BTC/USD pair.