HomeAltcoin NewsBitcoin Price Analysis: BTC Faces Key Challenge Near $32,200

Bitcoin Price Analysis: BTC Faces Key Challenge Near $32,200

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  • Bitcoin price started a recovery wave above the $30,000 zone against the US Dollar.
  • The price is now trading above $30,000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $29,750 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a steady increase if there is a move above the $32,250 level.

Bitcoin price is struggling below $32,000 against the US Dollar. BTC might extend losses if it stays below the $32,250 and $32,650 resistance levels.

Bitcoin Price Analysis

Bitcoin price extended its decline below the $30,000 support zone. A low was formed near the $25,350 zone before there was a recovery wave.

The price climbed above the $28,000 and $29,000 resistance levels. There was a move above the 23.6% Fib retracement level of the downward move from the $40,040 swing high to $25,335 low. Besides, there was a break above a major bearish trend line with resistance near $29,750 on the 4-hours chart of the BTC/USD pair.

Bitcoin is now trading above $30,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $32,250 level.

The next major resistance on the upside is near the $32,650 level. It is near the 50% Fib retracement level of the downward move from the $40,040 swing high to $25,335 low. To start another increase, the price must settle above the $32,650 level in the near term.

In the stated case, bitcoin could rise towards the $34,000 resistance or even $35,000. The next major resistance sits near the $37,500 level.

If there is no upside break, the price might start a fresh decline below $31,000. The next key support is near the $30,000 level. Any more losses might call for a test of the $28,500 support zone. An intermediate support sits near the $27,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $30,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $32,250 level.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $31,000 and $28,500.

Key Resistance Levels – $32,250, $32,650 and $34,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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