Bitcoin Price Analysis: BTC Reaches Key Support

Bitcoin price is struggling below $23,000 against the US Dollar. BTC might extend losses if it stays below the $23,100 and $23,500 resistance levels.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $24,650 resistance zone. There was a steady decline below the $23,800 and $23,500 support levels.

The decline gained pace below the $23,500 level. The price even tested the 50% Fib retracement level of the upward move from the $20,715 swing low to $24,666 high. The price is now trading below $23,000 and the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $23,000 level. There is also a key bearish trend line forming with resistance near $23,100 on the 4-hours chart of the BTC/USD pair.

The first major resistance is near the $23,500 level. The next major resistance on the upside is near the $24,000 level, above which the price could rise towards the $24,650 zone. Any more gains might send the price towards the $25,000 zone.

If there is no upside break, the price might continue to decline below $22,650. The next key support is near the $22,220 level or the 61.8% Fib retracement level of the upward move from the $20,715 swing low to $24,666 high, below which the price might accelerate lower.

In the stated case, the price could decline towards the $21,500 level. Any more losses might call for a move towards the $21,000 support zone or even $20,000 in the coming sessions.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $23,200 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a move below the $22,220 support in the near term.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.

Key Support Levels – $22,220 and $21,650.

Key Resistance Levels – $23,100, $23,500 and $24,000.

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