Bitcoin Dropped Below $35,000 Support Level – Will Decline Further?


Bitcoin bears have regained momentum after rejecting $41,000 to $40,000 significant resistance area. Bitcoin price dropped below $35,000 support level. Will the price decline further lower in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.

June 21, 2021, | AtoZ Markets – Bitcoin price fall today morning during the Asian session against the U.S. Dollar. Bitcoin falls nearly 10% on Monday as ongoing instability in the cryptocurrency market gave no indications of dampening down, with market players referring to jitters over China’s growing crackdown on BTC mining in narrow liquidity for the misfortunes. Bitcoin is currently trading around $32,287 price area and trying to push downside. However, after bouncing from $35,000 to $36,000 support level, the bulls pushed the price upside impulsively, but failed to break over $40,000 to $41,000 resistance level. As per the current price action, the price may face strong support around $31,000 to $30,000 area in the coming days.

Bitcoin Dropped Below as the Mining Tension Is Rising in China

Bitcoin is currently residing near $32,287 price area and trying to decline further. However, the price also broke below the dynamic level of 20 EMA on the daily chart.

Bitcoin Dropped

Image: BTC 4 Hour Chart

According to the 4-hour chart, Bitcoin dropped below and currently trading around $32,287 price area. As per the current price action, the price may decline further towards $31,000 to $30,000 support level in the process. So, if the price declines towards $31,000 to $30,000 support area and bounced higher with an impulsive 4-hour bullish candle, the bulls may regain momentum and push the price upside towards $35,000 to $36,000 area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance to push the price downside in the days ahead. Along with this, the MACD lines are currently residing below the 0.00 level and may have a bullish crossover. It indicates that the bulls may regain momentum in the coming days.

BTC May Continue Further Lower

According to the daily chart, Bitcoin dropped below as the price faced strong resistance. As per the current scenario, the bears may push the price down towards $31,000 to $30,000 support area in the process. So, if the price can break below $31,000 to $30,000 support level with a daily bearish candle, the bears may sustain the bearish pressure towards $26,000 to $25,000 price area in the coming days. On the contrary, if the price bounced higher from $30,000 to $31,000 support area, the bulls may regain momentum and push the price upward towards $35,000 to $36,000 area as a first target. The second target will be $40,000 to $41,000 price area.

Bitcoin Dropped

Image: BTC Daily Chart

Moreover, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong resistance to push the price down. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.

To conclude, as long as the price residing over $30,000 to $31,000 support level, there is a high chance that the bulls may regain momentum. A daily close is needed to identify the definite momentum in the coming days. 

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