Bitcoin Price Could Touch $32.2K

Bitcoin price correction below $35,000 and $34,000 levels.

Bitcoin(BTC) shows a bearish sentiment in the past 24 hours

BTC Bitcoin/USD pair key contracting triangle is being formed near the $33,600 spot

Bitcoin in danger of a downside break

Bitcoin(BTC) shows a bearish sentiment, and there is all possibility that it could fall to $32.2K. At present, BTC values are below 35,000 against the US Dollar. If the world’s first cryptocoin starts another correction below 35,000 and $34,000 levels, the chance of it again having a detour with $32.2 K is very high.

BTC Bitcoin/USD pair key contracting triangle

The Bitcoin price could decline further if it breaches the $33,600 and $33,500 support levels. At present, the bitcoin price is hovering around $34,000 support and the 100 hourly simple moving averages. Also, a key contracting triangle is being formed near the $33,600 spot on the hourly chart of the BTC Bitcoin/USD pair (data feed from Kraken).

Bitcoin’s price failed to breach the $36,000 zone as it was widely predicted. Instead, it started a fresh tanking in prices. The Satoshi Nakamoto-created cryptocurrency traded below $35,000 and $34,500 support levels to move into a bearish zone.

The Bitcoin’s value breached the $34,000 level and settled below the 100 hourly simple moving averages. A low is forming near $33,103, and the price is now recovering the losses. The swing high of $35,950 to $33,100 low constituted the Fib retracement level above 23.6%.

The danger of a downside break in Bitcoin values is very great

There is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC/USD pair. If the Satoshi Nakamoto-created cryptocurrency value remains above the triangle support and then $33,500, the danger of a downside break is very great.

The next important milestone is near the $33,000 level. It is the kill zone, and if the downside breaches below the $33,100 and $33,000 support levels, it is disastrous as the price could continue to go down.

Bitcoin Price

In the above case, the price could fall to the $32,500 zone. Any major erosion in prices could push Bitcoin values to $32,200 support. The next major supports sits near the $31,200 level.

What future foretells for Bitcoin Values

If Bitcoin values remain stable at the $33,500 support zone, a new increase in the near term is possible. The resistance level on the upside is near the $34,000 level and the triangle upper trend line.

On a 100 hourly SMA, the key resistance is near $34,250. The major resistance is seen near $34,400. If Bitcoin can breach this milestone, the price could revisit the $36,000 barrier. Any further gain will lift the price towards the $37,000 resistance.

Digital currencies showed mixed sentiments and were in green and red in equal measures. The total cryptocurrency market capitalization is $1.44 trillion. It represented a 1.18 percent increase over the last day. The total crypto market volume in the previous 24 hours is $64.92 billion, and it meant a 6.97 percent increase.

The total volume of all stable coins today is $50.19 billion and represents 77.32 percent of the entire crypto market’s 24-hour volume. Bitcoin price is currently $35,821.92, and its dominance is currently 45.04 percent, a decrease of 0.47 percent over the day.

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