Bitcoin Price Analysis: BTC Faces Hurdles Above $22K


  • Bitcoin price started a fresh decline from the $23,000 resistance against the US Dollar.
  • The price is now trading below $22,000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $22,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $23,000 pivot zone.

Bitcoin price is struggling below $22,000 against the US Dollar. BTC might extend losses if it stays below the $22,000 and $23,000 resistance levels.

Bitcoin Price Analysis

Bitcoin price started a major decline below the $25,500 support zone. There was a sharp bearish wave and the price even declined below the $23,000 support zone.

Track live crypto price of 10000+ coins!


The bears pushed the price below the $20,000 level and the 55 simple moving average (4-hours). It even broke the $18,800 support. A low is formed near $17,567 and the price started an upside correction. There was a move above the $20,000 resistance zone.

The price even tested the 23.6% Fib retracement level of the downward move from the $31,549 swing high to $17,567 low. An immediate resistance on the upside is near the $20,850 level and the 55 simple moving average (4-hours).

The first major resistance is near the $21,450 level. The next major resistance on the upside is near the $22,000 level. There is also a major bearish trend line forming with resistance near $22,250 on the 4-hours chart of the BTC/USD pair.

Related:  Zenith Hybrid Blockchain Explained | Live Bitcoin News

To start another increase, the price must settle above the $23,000 level in the near term. In the stated case, bitcoin could rise towards the 50% Fib retracement level of the downward move from the $31,549 swing high to $17,567 low at $24,550.

If there is no upside break, the price might start a fresh decline below $20,000. The next key support is near the $18,800 level. Any more losses might call for a test of the $17,500 support zone.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $22,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $23,000 pivot zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.

Key Support Levels – $20,000 and $18,800.

Key Resistance Levels – $21,450, $22,000 and $23,000.

Tags: bitcoin, BTC


Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: