{"id":158618,"date":"2022-06-01T09:03:44","date_gmt":"2022-06-01T09:03:44","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158618"},"modified":"2022-06-01T09:03:44","modified_gmt":"2022-06-01T09:03:44","slug":"bitcoin-price-analysis-btc-faces-key-challenge-near-32200","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-analysis-btc-faces-key-challenge-near-32200\/","title":{"rendered":"Bitcoin Price Analysis: BTC Faces Key Challenge Near $32,200"},"content":{"rendered":"
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.<\/em><\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n <\/p>\n Bitcoin Price<\/p>\n 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.<\/p>\n 4 hours MACD \u2013 The MACD is now gaining momentum in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI is now above the 50 level.<\/p>\n Key Support Levels \u2013 $31,000 and $28,500.<\/p>\n Key Resistance Levels \u2013 $32,250, $32,650 and $34,000.<\/p>\nBitcoin Price Analysis<\/h2>\n
Technical Indicators<\/h2>\n