Bitcoin Price Could Nosedive If It Continues To Struggle Below $31K

Bitcoin price is moving lower below the $30,500 pivot level. BTC could decline heavily if there is a close below the $29,800 support zone in the near term.Bitcoin is moving lower below the $30,500 support zone.
The price is trading below $30,500 and the 100 hourly Simple moving average.
There was a break below a contracting triangle with support near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline if it stays below $31,200 for a long tim