Image default

Bitcoin (BTC) Price Crashes To $22,000 But Why The Bulls Are Not Done Yet

Bitcoin Price Crashes To $22,000 | Image by Darwin Laganzon from Pixabay

Bitcoin price declined over $1,500 and tested $22,000 resistance. BTC/USD remains supported for a fresh increase if it stays above $21,350.

Bitcoin Price Revisits Support

In the past few days, bitcoin price made a few attempts to clear the $24,000 resistance zone. The BTC/USD pair failed to settle above the $24,000 level and reacted to the downside.

Today, there was a sharp decline below the $23,280 support zone and the 50-day simple moving average (blue). The price gained pace for a move below the 50% Fib retracement level of the upward move from the $21,354 swing low to $25,227 high.

Bitcoin price daily chart
Bitcoin price daily chart | Source: BTCUSD on

The bears even pushed the price below the $22,500 support. It is down over 5%, similar to Ethereum, BNB, SOL, ADA, and other altcoins.

The price tested the key $22,000 support zone. The price is also holding a key contracting triangle support at $22,000 on the daily chart. It is above the 76.4% Fib retracement level of the upward move from the $21,354 swing low to $25,227 high.

On the upside, an immediate resistance is near the $22,800 level and the 50-day simple moving average (blue). The next key resistance is still near the $24,000 level.

A close above the $24,000 level might send the price toward the $25,200 resistance zone or the last swing high. Any more gains might even push the price above the $26,000 resistance zone. In the stated case, the price might rise toward the $27,500 resistance.

More Pain for BTC?

If there is no upside break above $24,000, the price might decline further. The first major support is near the $22,000 level. The main support is now forming near the $21,350 level, below which the price could gain bearish momentum.

In the stated case, the price may perhaps test the $20,450 support. Any more losses might open the doors for a drop toward the $20,000 level.

Overall, bitcoin price is down a lot from the $24,000 resistance zone. The current price action suggests the bulls are not done yet and they might attempt a fresh increase to $24,000. Conversely, the price may perhaps extend its decline toward the $20,450 support zone.

The post Bitcoin (BTC) Price Crashes To $22,000 But Why The Bulls Are Not Done Yet appeared first on CoinChapter.

Source link

Related posts

FTX-Binance Saga: FTX Halts Withdrawals, Binance Announces Its Buying

Marine Savard

WAHED Projects Donates 5 Million WAHED Coins to Fund Autism Research and Therapy

Marine Savard

Whales are Predicting This Cryptocurrency to Explode 100x by 2023

Marine Savard

XRP Outperforms BTC in November, Here Are the Levels to Watch (Ripple Price Analysis)

Marine Savard

Ukrainian in Poland Withdraws Cash Within Minutes of Bitcoin Transfer: Here’s How

Marine Savard

Tether USDT hits record high – precious metals to thank, or tanking Circle stablecoin?

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More