Unbelievable Bitcoin Downtrend, Risk of Sink Below $20K
The price of Bitcoin has tried a new rise to the level of 22000 dollars. However, the bears were active at nearly $22,800 and $23,000. The high reached near $22,950, and the price started a new drop. Will this drop be so fateful that it will reach below the 20k mark? There was an obvious move below the $21,500 level, and the price fell below the 100-hour simple moving average. The price dropped below the $21,000 level; It finally traded close to the $20,000 support zone. The low has formed near $20,200, and the price is now trying to adjust upside down.
There was a move above the $20,500 resistance level. Bitcoin now checks for a 23.6% Fib return rate, which was eventually reduced to $20,200, from $22,950. It should be noted that the BTC/USD pair’s hourly chart is a new connecting trend of falling, which is formed with resistance up to $20,850. Instant resistance upside down is close to $21,000. The first significant resistance is near the $21,550 level.
Bitcoin’s New Failure
The current 50% Fib retracement level from the low of $22,950 to the low of $20,200 is also close to the $21,550 level. Any additional winnings can send the price to the $22,300 level, Or a 100-hour simple moving average. However, the primary resistance is still approaching the level of 23000 dollars.
If Bitcoin fails to clear the $22,000 resistance zone and trend line, there is a good chance a new drop will start. Immediate support in the downward direction is close to $20,200. The next significant support is close to $20,000. Even a drop below $20,000 support could lead to a sharp drop. In this case, the price may be $18,800.
It is worth noting that the world’s most popular digital currency predicted a rise last year. Moreover, it was expected that Bitcoin would be able to reach the $100,000 mark. However, the first half of 2022 turned out to be unbelievable for many. The fact is that Bitcoin and Altcoins are experiencing a massive decline. Will BTC be able to make a grand ascent and set a new record this year? Time will tell.
