Bitcoin started a strong decline below the $37,500 support against the US Dollar.
Bitcoin price struggled to stay above the $36,000 support zone and extended downsides.
The price even traded below the $34,000 level and traded to a new multi-week low at $33,700.
The trend line is near the 23.6% Fib retracement level of the downward move from the $36,058 swing high to $33,700 low.
It is near the 50% Fib retracement level of the downward move from the $36,058 swing high to $33,700 low.
If bitcoin fails to clear the $35,000 resistance zone, it could continue to move down.
A downside break below the $33,500 support might spark another sharp decline.
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