Image default
Bitcoin

Bitcoin Price At Risk of Short-term Bearish Breakdown, Dollar Rallies


Bitcoin price usd Corrects Gains | Image by Darwin Laganzon from Pixabay

New Delhi(CoinChapter.com): Bitcoin price is correcting gains below $23,500. BTC/USD must clear the $23,350 resistance to start a fresh increase in the near term.

Bitcoin Price Corrects Gains

After climbing above the $23,500 level, bitcoin price extended its increase. The BTC/USD pair even spiked above the $24,000 resistance zone before the bears appeared.

The price traded as high as $24,240 and recently started a downside correction, similar to ethereum, ripple, cardano and BNB. There was a downside correction below the $23,500 support zone and the 50 simple moving average (4-hours, blue).

Bitcoin price USD(BTC/USD) 4-hours chart
Bitcoin price USD 4-hours chart | Source: BTCUSD on TradingView.com

The price gained pace when it broke the $23,200 support. It even spiked below the $22,800 level. A low is formed near $22,666 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $23,040 level. It is close to the 23.6% Fib retracement of the recent drop from the $24,240 swing high to $22,666 low. Bitcoin price is also facing a major bearish trend line with resistance near $23,000 on the 4-hours chart.

The first major resistance is near the $23,300 level or the 50 simple moving average (4-hours, blue). It coincides with the 50% Fib retracement of the recent drop from the $24,240 swing high to $22,666 low.

A close above the $23,300 level might start a strong increase towards the $24,000 level. The next major resistance is near the $24,250 zone. Any more gains might send the price towards the $25,200 resistance zone in the coming days.

Further Correction in BTC?

On the downside, the first major support is near the $22,650 level. The next key support sits near the $22,350 level. A clear move below the $22,350 support could spark a bearish move.

The next major support is near the $21,420 zone, where the bulls could take a strong stand. If they fail, there is a risk of a move towards the $20,000 support zone. 

Overall, bitcoin price is slowly moving lower and trading below $23,000. If BTC fails to stay above the $22,350 support zone, there is a risk of a downside extension towards $21,400 or even $20,000. Conversely, the price might remain well bid and start a fresh increase towards $24,250.

The post Bitcoin Price At Risk of Short-term Bearish Breakdown, Dollar Rallies appeared first on CoinChapter.



Source link

Related posts

QChain presents Hackathon for WEB3 projects

Melodie Denning

BTC, ETH Stall Ahead of Powell Testimony – Market Updates Bitcoin News

Melodie Denning

Bitcoin Mining is Under Attack And It’s Only Getting Worse

Melodie Denning

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

Privacy & Cookies Policy