Bitcoin price declined sharply after another rejection near $23,650. BTC is now consolidating above $22,000 and remains at a risk of more downsides.
- Bitcoin is down over 5% and there was a sharp reaction from the $23,650 resistance zone.
- The price is trading below $23,020 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $23,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be limited above the $22,800 level.
Bitcoin Price Declines Sharply
Bitcoin price struggled to clear the $23,650 and $23,950 resistance levels. BTC declined sharply from the $23,977 swing high. It is down over 5% and there was a clear move below the $23,200 support.
The bears pushed the price below the $22,500 support zone and the 100 hourly simple moving average. It even tested the $22,000 support zone. A low is formed near $22,000 and the price is now consolidating losses. It is trading well below $23,020 and the 100 hourly simple moving average.
An immediate resistance is near the $22,450 zone. It is near the 23.6% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low. The first major resistance is near the $22,800 zone. The main resistance is now near the $23,000 zone. It is close to the 50% Fib retracement level of the downward move from the $23,977 swing high to $22,000 low. There is also a key bearish trend line forming with resistance near $23,220 on the hourly chart of the BTC/USD pair.