• bitcoinBitcoin$63,616.00-1.99%
  • ethereumEthereum$3,040.41-2.10%
  • elrond-erd-2MultiversX$41.501.17%

Bitcoin Is Still in a Downward Trend, With the Possibility of a Drop Below $20,000

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.

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