Bitcoin Slips Under $23,000 – Why Could BTC Exhibit More Losses?
Bitcoin’s price began a new slide against the US dollar after breaking through the $24,250 barrier zone. BTC has fallen below $23,000 and faces more losses. BITCOIN has begun a new drop below the $23,500 support level. The price is currently trading below the $23,500 mark and the 100 hourly simple moving average.
On the hourly timeframe of the BTC/USD pair, there was a breach below a strong bullish trend line with support at $23,320. The pair needs to break through the $23,250 resistance level to begin a new uptrend in the short term.
Bitcoin Price Breaks Through Support
Bitcoin’s price failed to break through the $24,000 barrier level. The BTC price made a peak at around $24,285 and began a new drop. It fell sharply below the $23,800 and $23,500 support levels. The bears drove the pair below the 61.8% Fib retracement line of the bullish run from the swing low of $22,846 to the high of $24,286. Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a solid bullish trend line with support at $23,320.
Bitcoin is trading below the $23,500 mark and the 100 hourly simple moving average. It is currently stabilizing above the critical $22,650 support zone. On the upside, an immediate resistance level is at $23,250.
The next major resistance level is at $23,500. Closing over the $23,500 resistance level might signal the start of a continuous rise. The price may break through the $24,000 obstacle in the mentioned scenario.
BTC Downside Break?
If Bitcoin fails to break through the $23,500 barrier level, it may continue to fall. On the downside, there is immediate support at the $22,650 level. The next significant support is presently at $22,500.
Closing below $22,500 might trigger a move towards $22,000. If the bears keep pushing, we might see a move towards the $21,500 mark in the following sessions. Any further declines might push the price down to the $20,500 mark.
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