TA: Bitcoin Nosedives To $28.5K, Why Important Support Turned Resistance

Bitcoin price is down over 15% and it broke many supports near $32,000 against the US Dollar. BTC even traded close to $28.5K and it is currently correcting losses.
Bitcoin started a strong decline below the $33,000 and $32,000 support levels.
The price is currently correcting losses, but it is now well below $32,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $32,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to face a strong selling interest near the $32,000 and $32,800 levels.
Bitcoin Pri