Bitcoin price indicates a bearish reaction which poses the question of whether BTC could revisit $22,000.
Below the $24,000 area of resistance versus the US Dollar, Bitcoin is displaying a few bearish indicators. The $22,000 support level may be tested as BTC continues to decline.
Bitcoin is gradually dropping below the $24,000 pivot point.
Currently, the price is trading below both the $100 hourly simple moving average and the $23,500 mark.
On the hourly chart of the BTC/USD pair, a significant bearish trend line is forming, with resistance located close to $23,300.
In the immediate future, the pair may keep descending toward the $22,000 support.
Bitcoin Price Has Started Falling
The price of Bitcoin was unable to begin a new uptrend over the $24,000 resistance level. Price initiated a new downward movement and came to rest below the $23,500 support region which signifies a bearish reaction.
The upward movement from the $20,695 swing low to the $24,670 high was clearly below the 23.6 percent Fib retracement level. Below the $23,500 mark and the 100 hourly simple moving average, the price is currently displaying bearish indicators.
On the hourly chart of the BTC/USD pair, a significant negative trend line with resistance near $23,300 is also developing. The recent price movement indicates that bitcoin may continue to decline, with a near-term support level of $22,800.
On the upside, the price is bumping up against resistance near the trend line and the $23,300 mark. The next significant barrier is located close to the $23,750 region and the 100 hourly simple moving average.
The $24,000 zone can be the major area of resistance. A close over the $24,000 barrier level could start a new uptrend. In the aforementioned scenario, the cost might increase to around $24,500. The next significant barrier is located close to the $25,000 mark.
More Bitcoin Losses?
Bitcoin may continue to decline if the $23,300 resistance area is not overcome. The $22,800 level provides immediate support on the downside.
The area of around $22,680 now serves as the next significant support. It is quite close to where the upward movement from the swing low of $20,695 to the high of $24,670 is being retraced at 50%. Any more losses could push the price up to $22,000. So there might be a chance for Bitcoin to revisit this price point making the cryptocurrency even less valuable.
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