[vc_row][vc_column][vc_column_text]Bitcoin price started another downside correction below $23,250. BTC remains at a risk of more downsides before the bulls appear near $22,200 or $22,000.
- Bitcoin started a downside correction and traded below the $23,500 zone.
- The price is trading below $23,200 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $23,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline further towards the $22,000 support unless it climbs above $23,250.
Bitcoin Price Starts Correction
Bitcoin price gained pace for a move above the $23,500 resistance zone. BTC even climbed above $23,800, but it struggled to clear the $24,000 resistance zone.
A new swing high was formed near $23,950 and the price saw a downside correction. There was a clear move below the $23,500 and $23,200 support levels. Besides, there was a break below a key bullish trend line with support near $23,000 on the hourly chart of the BTC/USD pair.A low is formed near $22,519 and the price is now correcting losses. Bitcoin price is now trading below $23,200 and the 100 hourly simple moving average.
It is trading just above the 23.6% Fib retracement level of the recent decline from the $23,950 swing high to $22,519 low. An immediate resistance is near the $23,000 level. The next major resistance is near the $23,200 zone or the 100 hourly simple moving average.