More importantly, there was a break below a key bullish trend line with support near $31,750 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below the $30,000 level and the 100 hourly simple moving average.
A clear move above the $30,400 resistance level could start another increase.
If bitcoin fails to clear the $30,400 resistance zone, it could continue to move down.
A downside break below the $29,250 support may perhaps put a lot of pressure on the bulls.
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