Bitcoin extended losses and even spiked below $30,000 against the US Dollar. BTC is now consolidating and might correct higher towards the $32,000 resistance.

• Bitcoin started a strong decline below the $33,500 and $32,000 levels.
• The price is now trading below $32,000 and the 100 hourly simple moving average.
• There are two important bearish trend lines forming with resistance near $32,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might correct higher, but the bears might remain active near $32,000.

Bitcoin Price Declines 10%

Bitcoin price remained in a major downtrend and extended downsides below the $35,000 level. BTC traded below the key $33,500 and $32,000 support levels to move further into a bearish zone.

There was a close below $32,000 and the 100 hourly simple moving average. The price even traded below the $30,800 level and spiked below $30,000. A new multi-week low is forming near $29,755 and the price is now consolidating losses.

On the upside, bitcoin price is facing resistance near the $31,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $36,060 swing high to $29,755 low.

The next key resistance could be near the $32,000 level. There are two important bearish trend lines forming with resistance near $32,000 on the hourly chart of the BTC/USD pair. The key breakout zone could be near the $33,000 zone.

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $36,060 swing high to $29,755 low is also near the $33,000 zone. To start a decent recovery…