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BTC Loses Momentum And Can Drop 5%

Stefan by Stefan
03/08/2022
in Bitcoin News
Reading Time: 2 mins read
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BTC Loses momentum
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BTC loses momentum and can drop 5% in value in the near future.

When compared to the US Dollar, Bitcoin is having trouble moving beyond the $24,000 barrier level. BTC loses momentum and is tumbling and may keep doing so until it reaches the $22,000 support level.

Below the $23,500 mark, Bitcoin is displaying negative indicators.

The price is currently trading below both the $100 hourly simple moving average and the $23,200 mark.

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On the hourly chart of the BTC/USD pair, a significant bearish trend line is forming, with resistance located close to $23,250. (data feed from Kraken).

In the immediate future, the pair may drop further and may challenge the $22,000 support level.

BTC loses momentum, can drop, momentum

Declining Bitcoin Price Indicators

The $24,000 resistance zone was significantly above where the price of Bitcoin began a steady drop. Price dropped under $23,500 and $23,250, entering a short-term bearish zone.

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Below the 100 hourly simple moving average, the drop accelerated. It even tried to cross over the level of the crucial gain from the $20,695 swing low to the $24,671 high using a fibonacci retracement of 50%. Under the $23,200 mark and the 100 hourly simple moving average, the price is currently struggling.

On the hourly chart of the BTC/USD pair, a significant negative trend line with resistance near $23,250 is also developing. But it appears like the bulls are defending the $22,680 support region.

The $24,180 area can serve as the major area of opposition. A closure above the $24,180 resistance area would signal the start of a respectable rise. In the described scenario, the cost might increase to around $24,650. The next important barrier is located close to the $25,000 mark.

More Bitcoin losses?

Bitcoin may continue to decline if it is unable to get past the $23,250 resistance area and the trend line. On the downside, there is immediate support around the $22,680 mark.

The area of around $22,210 now serves as the next significant support. It is close to the major climb from the $20,695 swing low to the $24,671 high (61.8 percent Fib retracement level). Additional losses may push the price up to $22,000.

ETH Losses as well?

In other news, Ethereum may keep falling if it is unable to overcome the $1,670 resistance. Near the $1,570 region is the first area of support on the downside.

Near $1,550 is the next significant support level, below which a sudden collapse is possible.

Read today’s cryptocurrency news.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: barrierBitcoinBTCdownfeaturedlossMOMENTUMresistanceup
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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