Bitcoin price failed to rise past the $22,200 resistance zone. Bitcoin is facing a strong rise in selling interest resulting in a drop below the $21,500 support zone.

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Bitcoin Price Down 8%

 

The price of Bitcoin fell by more than 8% and there was a collapse towards the $20,000 support level. Even the price surged below the $20,000 support zone. The new monthly Low data formed near $19,800 and the price is currently compounding losses near $20,000. The price of Bitcoin is currently trading below $21,000 with a simple 100-hour moving average. Direct resistance is near $20,400, it is close to the Fib retracement level of 23.6% from the recent decline from the swing high of $22,600 to the swing low of $19,800. 


The next major resistance is close to the $21,200 zone. There is also an important bearish trend line formed with resistance near $21,300 on the hourly chart of BTC/USD. The trendline is close to the 50% Fib retracement level of the recent decline from the swing high of $22,600 to the swing low of $19,800. The main resistance is currently near $22,000. A close above the $22,000 resistance might start a decent rally in the next few days. The next major resistance is close to the $22,600 zone, and the price above it may gain bullish momentum and test towards $23,000. If the Bitcoin price fails to break through the $21,000 resistance and the trend line, the price continues to move down. The immediate support on the downside is close to the $20,000 zone. The next major support point is close to the $19,800 zone, below which the price is likely to drop to $19,250. The next major support point is close to the $19,000 level, further losses will send the.


also read :

Bitcoin Price Drops Below $22K, Risk of Sharp Drop

 


Warning!

This analysis is based on fundamental and technical views from reliable sources, and is not a suggestion or invitation. Always remember that this content aims to enrich the reader's information. Always use independent research first on other forex information to use as a reference in your trading. Get the latest news and articles from other GIC Indonesia, you can check on Google News every day to find out the latest updates about the world of forex to crypto. Also trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!


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