Bitcoin price failed again and declined below $23,000. BTC is moving lower and might decline further below the $22,500 support.
- Bitcoin is moving lower from the $23,500 resistance zone.
- The price is trading below $23,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $22,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower if there is a close below the $22,500 support zone.
Bitcoin Price Trims Gains
Bitcoin price attempted an upside break above the $23,500 resistance zone. BTC bulls struggled to clear the $23,500 barrier. A high was formed near the $23,450 zone and the price started a bearish wave.
There was a move below the $23,200 and $23,000 levels. The decline gained pace below the $22,800 level and the 100 hourly simple moving average. The price even spiked below $22,500. A low is formed near $22,418 and the price is now consolidating losses.Bitcoin price is trading below $23,000 and the 100 hourly simple moving average. An immediate resistance is near the $22,660 level. It is near the 23.6% Fib retracement level of the recent decline from the $23,450 swing high to $22,418 low.
The next major resistance is near the $23,000 zone. There is also a key bearish trend line forming with resistance near $22,980 on the hourly chart of the BTC/USD pair.