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Bitcoin Price Breakdown Looks Real, Why BTC Could Dive Below dollar35K

Categories: Bitcoin US

Bitcoin Price Dives 8%

Bitcoin price struggled to clear the $40,000 resistance zone. BTC formed a high near $40,029 and started a fresh decline. There was a major drop below the $38,500 and $38,000 levels.There was a break below a key bullish trend line with support near $39,250 on the hourly chart of the BTC/USD pair. The pair even declined below the key $37,500 support and settled below the 100 hourly simple moving average.

Finally, it tested the $35,500 zone and traded as low as $35,407. It is now consolidating losses near the $36,200 level. On the upside, bitcoin price is now facing resistance near the $36,500 level.The 23.6% Fib retracement level of the downward move from the $40,029 swing high to $35,407 low is also near the $36,500 zone. The next key resistance could be near the recent breakdown zone at $37,500, where the bears might take a stand.

More Losses in BTC?

If bitcoin fails to clear the $36,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $36,000 level.The next major support is seen near the $35,500 level or the recent low. A downside break below the $35,500 support might spark another sharp decline. The next major support could be $34,200.



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