A high was formed near $31,725 and the price started a fresh decline.
Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair.
It is near the 23.6% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low.
A clear move above the $30,120 resistance level could send the price towards the 50% Fib retracement level of the recent decline from the $31,725 swing high to $29,300 low.
If bitcoin fails to recover above the $30,000 resistance zone, it could continue to move down.
In the stated case, the price could dive towards the $27,200 support zone in the near term.
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