Bitcoin Price Analysis: BTC Could Dive Further

Bitcoin price is declining below $23,500 against the US Dollar. BTC might extend losses if it stays below the $22,500 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $24,000 resistance zone. A high was formed near $23,999 before the price started a steady decline. There was a clear move below the $23,500 and $23,200 support levels.

There was a move below the $22,500 level and the 55 simple moving average (4-hours). The price traded as low as $21,851 and is currently consolidating losses. It is now trading well below $23,000 and the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $22,350 level. It is near the 23.6% Fib retracement level of the downward move from the $23,999 swing high to $21,851 low.

There is also a key bearish trend line forming with resistance near $22,500 on the 4-hours chart of the BTC/USD pair. The next major resistance might near the $22,900 zone. It is near the 50% Fib retracement level of the downward move from the $23,999 swing high to $21,851 low.

A clear move above the $22,900 level might send the price towards $23,200, above which the price might rise towards the $24,000 level. Any more gains might push the price towards the $24,500 zone.

If there is no upside break, the price might decline below the $21,850 level. The first major support is near $21,500. The next key support is near the $21,200 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $20,500 level. Any more losses might send the price towards the $20,000 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $23,000 and the 55 simple moving average (4-hours). Overall, the price could extend its decline towards the $21,500 and $21,000 levels.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $21,850 and $21,200.

Key Resistance Levels – $22,350, $22,900 and $23,500.

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