The price climbed above the 23.6% Fib retracement level of the recent decline from the $36,820 swing high to $31,065 low.
However, the price is facing a strong resistance near the $34,000 level.
There is also a key rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair.
If bitcoin fails to clear the $34,000 resistance, it could continue to move down.
If the bulls fail to protect the $30,000 support zone, there is a risk of a sharp decline.
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