Bitcoin declined further below the $23,000 level against the US Dollar. BTC is moving lower and remains at a risk of more losses if it breaks the $22,000 support. Bitcoin extended losses and declined below the $23,200 support. The price is now trading below the $23,500 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if there is a clear move below the $22,500 support in the near term. Bitcoin Price Gains Bearish Momentum Bitcoin price settled below the $24,000 level to move into a bearish zone. BTC gained bearish momentum below the $23,500 and $23,200 support levels. It opened the doors for more losses below the $23,000 level and the 100 hourly simple moving average. Finally, the price found support near the $22,700 zone. A low was formed near $22,715 and the price is now consolidating losses. Bitcoin price is now trading below the $23,200 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,150 level. It is near the 23.6% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low. The first major resistance on the upside sits near the $23,550 level. It is near the 50% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low. Source: BTCUSD on TradingView.com There is als...
