Bitcoin extended losses below the $22,650 support against the US Dollar. BTC is attempting another recovery and might face hurdles near $23,100.
- Bitcoin remained in a bearish zone and extended losses below the $23,500 level.
- The price is now trading below the $23,000 level and the 100 hourly simple moving average.
- There was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $23,100 resistance to start a steady increase in the near term.
Bitcoin Price Faces Resistance
Bitcoin price started a fresh decline after it faced sellers near the $23,570 level. The price gained bearish momentum after it broke the $23,000 support zone.
It even traded below the $22,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $22,650 level. However, downsides were limited and the price traded as low as $22,400. The price started a fresh recovery wave above the $22,800 resistance zone.It is now trading below the $23,000 level and the 100 hourly simple moving average. On the upside, bitcoin price is facing resistance near the $23,000 level and the 100 hourly SMA.
Source:The 50% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low is also near the $23,000 zone. The next key resistance is near the $23,300 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $23,500 resistance.