Bitcoin Fails Again, Why BTC Remains At Risk of Sharp Decline

Bitcoin price failed again to clear the $35,000 resistance against the US Dollar. BTC started a fresh decline below $34,000 and it remains at a risk of more downsides.

Bitcoin started a fresh decline after it failed to settle above the $35,000 resistance zone.
The price is now trading below the $33,500 support and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $33,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but the bulls are likely to face resistance near $34,000.

Bitcoin Price Breaks Key Support
Bitcoin gained pace after it broke the $34,000 resistance zone. BTC even spiked above the $35,000 resistance, but there was no upside continuation.
The price formed a high near $35,000 and it started a fresh decline. There was a break below the $34,000 support level. Besides, there was a break below a major bullish trend line with support near $33,850 on the hourly chart of the BTC/USD pair.
The pair is now trading below the $33,500 support and the 100 hourly simple moving average. A low is formed near $33,134 and the price is now consolidating losses.
An initial resistance on the upside is near the $33,550 level. It is near the 23.6% Fib retracement level of the recent decline from the $35,000 swing high to $33,134 low. On the downside, an initial support is near the recent low at $33,134.

Source: BTCUSD on TradingView.com
The first major support is near the $33,000 zone. If bitcoin price fails to stay above the $33,000 support, there could be a sharp decline. The next major support is near the $32,200 level. If there is a downside break below the $32,200 and $32,000 support levels, the price could continue to move down.
Fresh Increase in BTC?
If bitcoin remains stable above the $33,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $33,550 level.
The first major resistance is near $34,000. It is near the 50% Fib retracement level of the recent decline from the $35,000 swing high to $33,134 low. If there is a close above the $34,000 resistance zone, the price could rise towards the $35,000 hurdle.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.
Major Support Levels – $33,000, followed by $32,200.
Major Resistance Levels – $33,550, $34,000 and $35,000.

bitcoin
Bitcoin (BTC) $ 16,996.44
ethereum
Ethereum (ETH) $ 1,271.42
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.16
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.396226
dogecoin
Dogecoin (DOGE) $ 0.102298
cardano
Cardano (ADA) $ 0.325154
matic-network
Polygon (MATIC) $ 0.920205
polkadot
Polkadot (DOT) $ 5.56
staked-ether
Lido Staked Ether (STETH) $ 1,257.11
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.97
litecoin
Litecoin (LTC) $ 76.36
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054142
solana
Solana (SOL) $ 13.55
uniswap
Uniswap (UNI) $ 6.15
avalanche-2
Avalanche (AVAX) $ 13.76
chainlink
Chainlink (LINK) $ 7.38
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,959.87
leo-token
LEO Token (LEO) $ 3.80
cosmos
Cosmos Hub (ATOM) $ 10.27
ethereum-classic
Ethereum Classic (ETC) $ 19.61
monero
Monero (XMR) $ 147.25
the-open-network
The Open Network (TON) $ 1.80
stellar
Stellar (XLM) $ 0.087709
bitcoin-cash
Bitcoin Cash (BCH) $ 111.71
quant-network
Quant (QNT) $ 130.86
algorand
Algorand (ALGO) $ 0.241085
crypto-com-chain
Cronos (CRO) $ 0.064392
filecoin
Filecoin (FIL) $ 4.52
apecoin
ApeCoin (APE) $ 3.96
near
NEAR Protocol (NEAR) $ 1.71
vechain
VeChain (VET) $ 0.019427
hedera-hashgraph
Hedera (HBAR) $ 0.048224
internet-computer
Internet Computer (ICP) $ 4.21
flow
Flow (FLOW) $ 1.10
terra-luna
Terra Luna Classic (LUNC) $ 0.000181
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 44.13
frax
Frax (FRAX) $ 0.999945
eos
EOS (EOS) $ 0.932148
trust-wallet-token
Trust Wallet (TWT) $ 2.42
tezos
Tezos (XTZ) $ 1.02
the-sandbox
The Sandbox (SAND) $ 0.590428
aave
Aave (AAVE) $ 63.94
theta-token
Theta Network (THETA) $ 0.898836
chiliz
Chiliz (CHZ) $ 0.169153
huobi-token
Huobi (HT) $ 6.78