Bitcoin price extended its decline below $32,000 before recovering higher against the US Dollar. BTC is back above $32,500, but it must clear the 100 hourly SMA to continue higher.

Yesterday, bitcoin price extended its decline below the $32,200 and $32,000 support levels. BTC even spiked towards $31,500 and it settled well below the 100 hourly simple moving average.

It traded as low as $31,560 before it started an upside correction. There was a break above the $32,000 and $32,200 resistance levels. Bitcoin climbed above the 23.6% Fib retracement level of the recent drop from the $34,530 swing high to $31,560 low.

There was also a break above a key bearish trend line with resistance near $32,500 on the hourly chart of the BTC/USD pair. The pair is now trading near $33,000 and the 100 hourly simple moving average.

The 50% Fib retracement level of the recent drop from the $34,530 swing high to $31,560 low is also acting as a resistance for the bulls. To start a decent increase, the price must settle above the $33,200 level and the 100 hourly SMA. The next major resistance sits near $33,500.

If bitcoin fails to recover above the $33,000 and $33,200 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the $32,500 level.

The first major support is now near the $32,000 zone. The main support is now forming near the $31,500 zone. A close below the $31,500 level could put a lot of pressure on the bulls. In the stated case, the price is likely to dive further towards the $30,000 level.

Technical indicators:

Hourly MACD – The MACD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.

Major Support Levels – $32,200, followed by $32,000.

Major Resistance Levels – $33,200, $33,500 and $34,000.

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