Our assumption that Bitcoin is not getting enough support above 32,000 is confirmed. The price of Bitcoin failed to ascend above 32,000 and could not stay above 31,000. Yesterday the BTC/USD pair came close to the 30,000 mark. And today BTC/USD pair fell below this level and is trading around 29,950.
In the current situation, the level of 29,450 is the nearest support for the BTC/USD pair. A breakdown of this level will increase pressure on the BTC/USD pair and send it to the 29,250 area. And the move below this level will allow the BTC/USD pair to test the 29,000 level.
If the BTC/USD pair gets back above 30,400, it will try to get back above 31,000. The 32,000 level is still strong resistance for the pair.
However, even a move above this level does not guarantee further growth for the BTC/USD pair. Most likely, the range of 32,000-35,000 will put strong pressure on the pair, as sales will begin here. Investors, who bought Bitcoins during this gap will start selling off to make up for their losses. Therefore, after entering this range, the BTC/USD pair will roll back down again. Only a move above 40,000 can start a new rise for the BTC/USD pair.
