Bitcoin Price Analysis: BTC charts triangle breakdown as correction from record highs gathers steam

Bitcoin (BTC/USD) is looking to crack the $30K level, as the retracement from all-time-highs picks up pace in the first full trading week of 2021.

The no. 1 coin extended its recent rally and recorded fresh parabolic highs at 34,799 on Sunday, having surged by over 300% in 2020. The sellers stepped in thereafter, knocking off the prices by almost $3400.

BTC/USD: Hourly chart

Looking from a technical perspective, the most favorite digital asset is set to extend the corrective pullback, as it has confirmed a symmetrical triangle breakdown on the hourly chart.

The price continued to face rejection at the critical 21-hourly moving average, now at $33,088, prompting the bears to regain control.

At the moment, the bears are taking a breather before the next push lower. Immediate support awaits at the 100-HMA of $30,935.

Further south, the critical $30K level will challenge the bears’ commitment, below which the upward-sloping 200-HMA support at $29,131 could be tested.

Markets could witness dip-buying opportunities so long as the bulls manage to defend the $30K threshold.

Any pullbacks could meet strong supply at the bullish 50-HMA hurdle at $32,695. Acceptance above the latter could bring the 21-HMA resistance back in play.  

The hourly Relative Strength Index (RSI) points south, holding well above the oversold territory, suggesting that there is room for a deeper correction.  

Bitcoin: Additional levels