Bitcoin price took a downturn from $23,000. Currently, the price is on a decline and is likely to fall below $21,800. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC went on a new correction and lost the $22,200 support level.
- Currently, the price is below $22,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see the trendline’s support failing to keep BTC above $22,700.
- In case BTC loses the $21,450, there could be a strong dip to follow.
Bitcoin Price Action Analysis
BTC failed to surpass $24,000 and the sellers took back control at $23,800. With a new downtrend, the highest recorded price for Bitcoin is at $23,744.
With the correction, the price lost the $22,500 and the SMA100. However, the buyers did not let BTC fall below the $21,950. Subsequently, BTC made another attempt for recovery and regained $22,200. The price penetrated the 23.6% Fibonacci retracement level from the latest fall from $22,744 to $21,950. Despite that, the sellers pushed the price down at $23,000 and the SMA100. The uptrend took the price all the way up to the 50% Fibonacci retracement level before turning back down.
This time, the price lost the $22,000 level plus the support level on the trendline at $27,000 on the 1-hour chart. At this point, the price is approaching the $21,800 support level.
The first resistance level for Bitcoin is at $22,200 followed by $22,500. Closing above $22,500 could pave the way for some short-term bullish action. In which case, the price would move toward $23,000. The next resistance level is at $24,000.
On the other hand, if Bitcoin price fails to remain above $21,800, the downtrend will continue. For this scenario, the $21,600 will be the first support level for BTC. Following that, the $21,500 will be the next key support level. In case of losing the $21,500, BTC could quickly approach $20,500 and $20,000 in short-term.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $22,200, $22,500 and $23,000 are crucial resistance levels for BTC.
Support levels: The $21,600 and $21,500 are currently the key support levels for the price.
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