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

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

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.

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