TA: Bitcoin Turns Bearish, Risk of Drop Below $29K

Jun 7, 2022 04:00 am Cryptocurrency 181

Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone.

Bitcoin started a fresh decline from the $31,750 region.

The price is now trading below the $30,000 level and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move down towards $28,500 or even $28,000.

Bitcoin Price Dives 6%

Bitcoin price extended increase above the $31,400 resistance zone. However, BTC struggled to even test the $32,000 resistance zone. A high was formed near $31,725 and the price started a fresh decline.

There was a strong move below the $31,000 and $30,500 support levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair. The pair is now trading below the $30,000 level and the 100 hourly simple moving average.

The bears are now ..

Support the originator by clicking the read the rest link below.