Bitcoin Price Takes Hit – What Could Spark Larger Degree Correction

Bitcoin price extended its decline and spiked below $30,000. BTC is showing a few bearish signs and might extend its decline toward the $28,400 support zone.Bitcoin is moving lower below the $30,500 support zone.
The price is trading below $30,300 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline and test the $28,400 support zone.Bi