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{"id":467760,"date":"2021-07-20T03:08:49","date_gmt":"2021-07-20T03:08:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=467760"},"modified":"2024-06-11T13:57:10","modified_gmt":"2024-06-11T13:57:10","slug":"bitcoin-grinds-lower-30k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-grinds-lower-30k\/","title":{"rendered":"TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline"},"content":{"rendered":"

Bitcoin price extended its decline below the $31,200 support against the US Dollar. BTC remains at a risk of a larger decline below the $30,000 support zone.<\/em><\/p>\n

\n
Bitcoin remains in a bearish zone and it even broke the $31,000 support zone.<\/li>\n
The price is now trading well below $32,000 and the 100 hourly simple moving average.<\/li>\n
There is a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to accelerate lower below the $30,500 and $30,000 levels in the near term.<\/li>\n<\/ul>\n
Bitcoin Price Extends Losses<\/h2>\n
Bitcoin price remains in a downtrend and it is now trading well below the $33,000 pivot zone. BTC extended its decline<\/a> below the $31,200 support zone and it settled well below the 100 hourly simple moving average.<\/p>\n
The price extended its decline and it even traded below $30,650. A low is formed near $30,445 and the price is now consolidating losses. It corrected a few points above the $30,500 level. However, there was no proper follow through above the 23.6% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.<\/p>\n
An immediate resistance on the upside is near the $31,200 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low.<\/p>\n
The next key resistance<\/a> is near the $31,500 level. There is also a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC\/USD pair. The trend line resistance at $31,500 is also close to the 100 hourly SMA.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
A close above the trend line resistance could initiate a decent recovery above $32,000. Besides, a proper break above the $32,000 level may push the price towards $33,000.<\/p>\n
More Losses in BTC?<\/h2>\n
If bitcoin fails to recover above the $31,200 and $31,500 resistance levels, there is a risk of more losses. An initial support on the downside is near the $30,500 level.<\/p>\n
The first major support is now near the $30,200 zone. The main support is now near the $30,000 level. A close below the $30,000 level could spark a steady decline in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n
Major Support Levels \u2013 $30,500, followed by $30,000.<\/p>\n
Major Resistance Levels \u2013 $31,200, $31,500 and $32,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price extended its decline below the $31,200 support against the US Dollar. BTC remains at a risk of a larger decline below the $30,000 support zone. Bitcoin remains in a bearish zone and it even broke the $31,000 support zone. The price is now trading well below $32,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate lower below the $30,500 and $30,000 levels in the near term. Bitcoin Price Extends Losses Bitcoin price remains in a downtrend and it is now trading well below the $33,000 pivot zone. BTC extended its decline below the $31,200 support zone and it settled well below the 100 hourly simple moving average. The price extended its decline and it even traded below $30,650. A low is formed near $30,445 and the price is now consolidating losses. It corrected a few points above the $30,500 level. However, there was no proper follow through above the 23.6% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low. An immediate resistance on the upside is near the $31,200 level (the recent breakdown zone). It is near the 50% Fib retracement level of the recent drop from the $31,901 swing high to $30,445 low. The next key resistance is near the $31,500 level. There is also a major bearish trend line forming with resistance near $31,550 on the hourly chart of the BTC\/USD pair. The trend line resistance at $31,500 is also close to the 100 hourly SMA. Source: BTCUSD on TradingView.com A close above the trend line resistance could initiate a decent recovery above $32,000. Besides, a proper break above the $32,000 level may push the price towards $33,000. More Losses in BTC? If bitcoin fails to recover above the $31,200 and $31,500 resistance levels, there is a risk of more losses. An initial support on the downside is near the $30,500 level. The first major support is now near the $30,200 zone. The main support is now near the $30,000 level. A close below the $30,000 level could spark a steady decline in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $30,500, followed by $30,000. Major Resistance Levels \u2013 $31,200, $31,500 and $32,000.<\/p>\n","protected":false},"author":67,"featured_media":464089,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-467760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its decline below the $31,200 support against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline","url":"http:\/\/uniquehot.com\/news\/bitcoin-grinds-lower-30k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-grinds-lower-30k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?fit=1000%2C651"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-07-20T03:08:49Z","datePublished":"2021-07-20T03:08:49Z","dateModified":"2024-06-11T13:57:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Grinds Lower, Why BTC Bears Aim Larger Decline\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-grinds-lower-30k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-grinds-lower-30k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_271682210.jpg?fit=1000%2C651\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-07-20T03:08:49Z\",\"datePublished\":\"2021-07-20T03:08:49Z\",\"dateModified\":\"2024-06-11T13:57:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/shutterstock_271682210.jpg?fit=1000%2C651","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467760"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=467760"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/467760\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/464089"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=467760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=467760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=467760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}