TA: Bitcoin Turns Bearish, Risk of Drop Below $29K

Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone. Bitcoin started a fresh decline from the $31,750 region. The price is now trading below the $30,000 level and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down towards $28,500 or even $28,000. Bitcoin Price Dives 6% Bitcoin price extended increase above the $31,400 resistance zone. However, BTC struggled to even test the $32,000 resistance zone. A high was formed near $31,725 and the price started a fresh decline. There was a strong move below the $31,000 and $30,500 support levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair. The pair is now trading below the $30,000 level and the 100 hourly simple moving average. The bears are now attempting a clear move below the $29,350 support zone. An immediate resistance on the upside is near the $29,600 level. The first major resistance is near the $29,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low. Source: BTCUSD on TradingView.com The next major resistance is near the $30,120 level. A clear move above the $30,120 resistance level could send...