Bitcoin price started a downside correction below $23,000. BTC is testing an important support and might start a fresh increase towards $23,500.
- Bitcoin started a downside correction and declined below the $23,000 support zone.
- The price is trading below $23,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $22,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it stays above the $22,000 support zone.
Bitcoin Price Tests Key Support
Bitcoin price struggled to clear the $23,400 and $23,500 resistance levels. BTC started a downside correction and traded below the $23,000 support zone.
The price declined below the 23.6% Fib retracement level of the key increase from the $20,395 swing low to $24,250 high. The price even spiked below the $22,500 support level. However, the bulls appeared near the $22,200 support zone.An immediate resistance is near the $22,700 level. The next major resistance is near the $22,850 zone or the 100 hourly simple moving average, above which the price might gain bullish momentum. In the stated case, the price may perhaps rise towards the $23,200 level.