TA: Bitcoin trying to save, why it’s holding 100 SMA keys

The price of BITCOIN fell below $ 32,000 before recovering higher against the US dollar. BTC 32 has gone over $ 500, but it clearly needs to stay at the SMA for 100 hours.

Bitcoin launched an upward correction after trading in the $ 31,500 zone.
The price is currently $ 33,000 and trades near the 100-hour simple moving average.
On the hourly chart of the BTC / USD pair, there was a break above the main downward Trend line with resistance around $ 32500 (data flow from the Kraken).
The pair should rise above the $ 33,250 and 100-hour SMA to stay higher in the near term.

Bitcoin Price faces hurdles
Yesterday, the price of bitcoin fell below support levels of $ 32, $ 200 and $ 32, 000. BTC jumped even to $ 31500, well below the 100-hour simple moving average.

It traded at $ 31,560 before beginning an upward correction. There was a break above the resistance levels of 32 000 and 32 200$. Bitcoin rose 23.6% from $ 34,530 to $ 31,560, compared with the recent decline.

In addition, there was a break above the main downward Trend line with resistance close to $ 32 500 on the hourly chart of the BTC/USD pair. The pair are currently trading near the $ 33,000 and 100-hour simple moving average.

Source: BTCUSD on TradingView.com
The 50% Fibonacci correction level of the recent drop also serves as a drag for the Bulls from Tuesday’s swing level of $ 34,530 to $ 31,560. To start with a good raise, the price must rise above the $ 33,200 level and the 100-hour SMA. The next big resistance is close to $ 33,500.

The new BTC downgrade?
If Bitcoin fails to rise above resistance levels of $33,000 and $ 33,200, there is a risk of a new downgrade. The initial support at the bottom is near the $ 32,500 Level.

The first major boost is now close to the $ 32,000 zone. The big support is now shaping up near the $ 31,500 zone. A level below almost $ 31,500 could put a lot of pressure on the Bulls. In this case, the price is most likely,

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