Bitcoin Price Signals Bearish Reaction, Why BTC Could Revisit $22K


Bitcoin is showing some bearish signs below the $24,000 resistance area against the US Dollar. BTC is dropping and may test the $22,000 support area.

  • Bitcoin is slowly moving below the $24,000 pivot level.
  • The price is now trading below the $23,500 level and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move lower towards the $22,000 support level in the near term.

Bitcoin price starts to drop

Bitcoin price fails to start a new increase above $24,000 resistance area. The price started a new decline and settled below the $23,500 support area.

There was a clear move below the 23.6% Fib retracement level of the upward move from the swing low of $20,695 to $24,670. The price is now showing bearish signs below the $23,500 level and Simple moving average per 100 hours.

There is also a major bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USD pair. The current price action indicates that Bitcoin could continue to decline, with immediate support at $22,800.

On the upside, the price is facing resistance near the $23,300 level and the trendline. The next major resistance is near the $23,750 area and the 100 hourly simple moving average.

Bitcoin price

Source: BTCUSD on TradingView.com

The main resistance could be near the $24,000 area. A close above the $24,000 resistance area may set the pace for a new increase. In the mentioned case, the price may rise towards the $24,500 level. The next major resistance is near the $25,000 level.

More losses in bitcoin?

If Bitcoin fails to clear the $23,300 resistance area, it may continue to move lower. There is immediate support on the downside near the $22,800 level.

The next major support is now near the $22,680 level. It is close to the 50% Fib retracement level of the upward move from the swing low of $20,695 to $24,670. Any further losses could send the price towards the $22,000 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $22,680, followed by $22,000.

The key resistance levels are $23,300, $23,750, and $24,000.



1 thought on “Bitcoin Price Signals Bearish Reaction, Why BTC Could Revisit $22K”

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