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Bitcoin price started a fresh decline from the $24,250 resistance zone against the US Dollar. BTC declined below $23,000 and remains at a risk of more losses.
Bitcoin started a fresh decline below the $23,500 support zone. The price now trades below the $23,500 level and the 100 hourly simple moving average.
There was a break below a central bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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The pair must clear the $23,250 resistance to start a fresh increase in the near term.
Bitcoin price struggled to gain pace above the $24,000 resistance zone. The price formed a top near $24,285 and started a fresh decline.
There was a clear move below the $23,800 and $23,500 support levels. The bears pushed the pair below the 61.8% Fib retracement level of the upward move from the $22,846 swing low to the $24,286 high.
Besides, there was a break below a central bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading below the $23,500 level and the 100 hourly simple moving average. It is currently consolidating above the critical $22,650 support zone.
If bitcoin fails to clear the $23,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $22,650 level.
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The next significant support now sits near the $22,500 level. A close below the $22,500 level might start a move towards $22,000. If the bears remain in action,
there is a risk of a move towards the $21,500 level in the coming sessions. Any more losses might send the price towards the $20,500 level.
