• BTC kick-started massive plunges beneath the $36.5K and $35.5K zones.
  • The crypto remained beneath the crucial $35K and the 100hr Simple Moving Average.
  • The hourly chart shows a vital bearish trend-line developing with a $34.2K resistance (Kraken data feed).
  • Bitcoin might dip further to explore the support at $33.5K in the short term.

Bitcoin launched a colossal plummet beneath the support barrier at $37.5K. The world’s largest crypto even dropped under $35K, and bears appear committed to dragging BTC towards the $32K zone.

Bitcoin Steady Beneath $35K

Bitcoin could not steady beyond the support barrier at $36,000 and stretch downward. Bears dragged the bellwether crypto beyond the $35.5K and $35K support zones, taking BTC deep into the bearish territory.

The crypto formed a closing beneath $35K and 100hr Simple Moving Average. It even traded beneath the $34K mark and explored new multi-week lows near $33.7K. For now, Bitcoin battles bearishness as it seems weaker with time.

Bitcoin encounters resistance at the $34K mark to the upside. Another crucial hurdle might showcase at $34.2K. Also, the one-hour chart shows a critical bearish line developing with resistance at $34.2K. The trend-line stands near the 23.6% Fibonacci retracement zone of the plunge to $33.7K from the swing peak of $36,058.

Bitcoin’s primary resistance sat near the 50% Fibonacci retracement zone of the decline to $33.7K from $36,058 at $35K. Bitcoin should surge and steady beyond $35K to trigger new upticks.

More Plummets for Bitcoin?

Failure to overcome the resistance at $35K would see Bitcoin extending lower. Bearishness will see the world’s largest crypto losing the support floor at $33.7K. Another foothold stands at $33.5K, and losing it will welcome sharp declines toward the $32.5K. Further weakness will see Bitcoin exploring a footing near $32K.

The current condition in the financial markets supports Bitcoins down. Bears dominate and boast the strength needed to drag BTC to $32K. The overall crypto market capitalization reflects the ongoing bloodbath in the crypto worth, standing with a 3.21% 24-hours drop at $1.53 trillion.

Crucial support zones – $33.5K, then $32K

Critical resistance zones – $34K, $34.2K, and then $35K