New Delhi (Coinchapter): Bitcoin price is struggling below $22,500. BTC/USD might continue to decline if it stays below the $23,200 resistance zone.
Bitcoin Price Extends Decline
After making a few failed attempts near the $23,600 resistance, bitcoin price started a fresh decline. The BTC/USD pair declined below the $23,200 and $23,000 support levels.
There was a clear move below the $22,500 level and the 50 simple moving average (4-hours, blue). The price settled below the 76.4% Fib retracement level of the upward move from the $21,354 swing low to $25,227 high.
Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com
It also ignited bearish moves in Ethereum, DOT, Solana, and Ripple. BTC price is now trading well below $23,000 and the 50 simple moving average (4-hours, blue).
On the downside, the first major support is near the $21,650 level. The next key support sits near the $21,500 level. A clear move below the $21,500 support could mean more bearish moves. The next major support is near the $20,440 zone.
The 1.236 Fib extension level of the upward move from the $21,354 swing low to $25,227 high is also near the $20,440 level, below which there is a risk of a move toward the $20,000 support zone. Any more gains could set the pace for a drop toward $19,200.
Fresh Increase in BTC?
On the upside, an immediate resistance is near the $22,400 level. There is also a major bearish trend line forming with resistance near $22,450 on the 4-hours chart.
The first major resistance is near the $22,800 zone and the 50 simple moving average (4-hours, blue). A close above the $22,800 level might start another steady increase. The next major resistance might be near the $23,350 level.
Any more gains might send Bitcoin price toward the $24,000 resistance zone in the coming days. In the stated case, there are chances of a move towards the $25,000 level.
Overall, Bitcoin price is showing bearish signs below the $22,800 resistance zone and the 50 simple moving average (4-hours, blue). If BTC clear the $22,800 barrier, it could rally toward $23,500 or $24,000. Conversely, the price might continue to move down toward $20,440 in the coming sessions.
The post Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch appeared first on CoinChapter.
Source link
