Bitcoin price is correcting gains below the $23,250 zone. BTC must stay above the $22,500 support to avoid a major drop in the coming sessions.
- Bitcoin is correcting gains below the $23,250 support zone.
- The price is trading below $23,250 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $23,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue lower towards the $22,500 support zone in the near term.
Bitcoin Price Remains Supported
Bitcoin price failed to settle above the $24,000 level and started a downside correction. BTC declined below the $23,500 and $23,250 support levels to move into a short-term bearish zone.
There was a break below a key bullish trend line with support near $23,380 on the hourly chart of the BTC/USD pair. The pair even declined below the $23,000 level. A low is formed near $22,758 and the price is now consolidating losses.Bitcoin price is trading below $23,250 and the 100 hourly simple moving average. An immediate resistance is near the $23,000 zone. It is near the 23.6% Fib retracement level of the recent decline from the $23,589 swing high to $22,758 low.
The next major resistance is near the $23,200 zone. There is also a connecting bearish trend line with resistance near $23,200 on the same chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $23,589 swing high to $22,758 low.