Bitcoin Price Analysis: BTC At Risk Of More Losses Below $3,300

Key Points

  • Bitcoin price topped near the $3,645 level and later declined against the US Dollar.
  • There is a major bullish trend line formed with support at $3,355 on the hourly chart of the BTC/USD pair (data feed from Coinbase).
  • The price is likely to extend the current decline below the $3,350 and $3,300 levels.

Bitcoin price is under pressure below $3,480 against the US Dollar. BTC is likely to break the $3,350-3,355 support for an extend decline to $3,260.

Bitcoin Price Analysis

After forming a support near the $3,260 level, bitcoin price climbed higher recently against the US Dollar. The BTC/USD pair traded above the $3,500 and $3,600 resistance levels. However, buyers struggled near the $3,640-45 zone. A high was formed near $3,645 and later the price declined. It moved down sharply and traded below the $3,600 and $3,550 support levels. There was even a close below the $3,500 level and the 55 hourly simple moving average.

Sellers pushed the price below the 61.8% Fib retracement level of the last wave from the $3,260 low to $3,644 high. At the moment, the price is trading near the key $3,350-55 support area. There is also a major bullish trend line formed with support at $3,355 on the hourly chart of the BTC/USD pair. The 76.4% Fib retracement level of the last wave from the $3,260 low to $3,644 high is at $3,351. Therefore, if there is a downside break below $3,350, the price is likely to decline sharply towards $3,260. Any further losses could take the price towards $3,200.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price remains at a risk of more losses if sellers gain pace below $3,350. On the upside, the main resistance is near the $3,450 level, 55 SMA, and a bearish trend line.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is well below the 50 level.

Key Support Level – $3,350

Key Resistance Level – $3,450

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