The price of bitcoin is falling below the resistance around $22,000. BTC could drop drastically if the daily close is still below the $21,500 support.


  • Bitcoin is showing some negative signs below the $22,000 resistance.

  • The price is trading below $22,000 and the 100-hour moving average is modest.

  • There is a breakout above the bearish trendline connecting with resistance near $21,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could drop drastically if there is a clear move below the $21,500 support zone.


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Bitcoin price falls, risks drop sharply

Bitcoin Price Drops Facing Resistance


The price of bitcoin is still in the bearish zone and below the support zone around $22,200. BTC settled below $22,000 and was below its 100-hour moving average.


Recently, there has been a surge below the $21,500 support zone. It is at a weekly low and has just formed near $21,359 and the price is now consolidating the decline. The price of bitcoin is now trading below $22,000 with a 100-hour moving average. There is a minor recovery wave above the $21,650 resistance zone. The price rose above the 50% Fib retracement level from the recent decline from the swing high of $23,450 to a low of $21,359. A move above the $22,100 resistance may start a steady upside. In the mentioned case, the price is likely to rise towards the level of $22,385. The next resistance level could be near $22/750, above which the price of BTC may rise towards the $23,250 resistance zone. 


Bitcoin Price Drops Sharply?


If the bitcoin price fails to break through the $22,100 resistance level, the price could continue to move downwards. The immediate support on the downside is near the $21,500 zone. The next major support point is near the level of 421.350, below which the price is likely to start a major decline. In the mentioned case, the price could head towards the $20,500 zone.


Technical indicators:


Hourly MACD – The MACD is now losing speed in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Key Support Level – $21,500, followed by $21,350. Key Resistance Levels – $21.800, $22.100, and $22.385.


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