Bitcoin’s price attempted to break beyond the $22,000 barrier once more. Bears were active between the $22,800 and $23,000 levels, however. A new low was set near $22,950, and the price began to fall again.
The price fell below the 100 hourly simple moving average after a clear move below the $21,500 level. The price even fell below $21,000 and was trading near the $20,000 support zone. Near $20,200, a low was made, and the price is now trying an upside correction.
A move above the $20,500 resistance level was made. Bitcoin is currently testing the Fib retracement level of the latest slide from the $22,950 high to the $20,200 low, which is 23.6%.
On the hourly chart of the BTC/USD pair, a new connecting negative trend line is forming with resistance near $20,850. Near the $21,000 mark, there is immediate upside resistance. Near the $21,550 mark, the first substantial resistance exists.
If bitcoin fails to break through the $22,000 resistance zone and the trend line, it may begin a new downward trend. On the downside, near the $20,200 level, there is immediate support.
Near the $20,000 level, the next big support is found. A breach below the $20,000 support on the downside might set off a rapid slide. In the aforementioned scenario, the price may reach $18,800.