The price of
#Bitcoin has failed to consolidate above the $31,000 resistance zone.
The largest #cryptocurrency
commenced a decline below the $31,000 and $30,850 levels.
Besides,
there was a break below a connecting bullish trend line with support near
$30,750 on the hourly chart of the BTC/USD pair.
The bears
were able to force down the price below $30,250.
A low is
formed near $30,160 and the price is now consolidating losses.
It is
trading near the 23.6% Fib retracement level of the recent decline from the
$31,373 swing high to the $30,160 low.
Analysts are
of the opinion that if Bitcoin’s price fails to push through the $31,750
resistance, it could continue to nosedive.
Immediate
support on the downside is near the $30,150 level and the recent low.
The next
major support is near the $30,000 level, below which there could be a drop
toward $29,550.
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