Bitcoin price found support near $22,000 and started a consolidation phase. BTC is trading in a range and facing many hurdles near $22,600.
- Bitcoin is struggling to gain pace for a move above the $22,800 resistance zone.
- The price is trading below $22,650 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $22,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be limited above the $22,800 level.
Bitcoin Price Faces Hurdles
Bitcoin price started a major decline from well above the $23,200 support zone. BTC declined heavily below the $23,000 level and even traded below the $22,500 level.
The price traded as low as $22,000 and recently started a minor upside correction. There was a minor increase above the $22,250 resistance zone. The price spiked above the 23.6% Fib retracement level of the downward wave from the $23,978 swing high to $22,000 low.Bitcoin price is now trading below $22,650 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $22,620 on the hourly chart of the BTC/USD pair.
An immediate resistance is near the $22,600 zone and the trend line. The first major resistance is near the $22,800 zone. The main resistance is now near the $23,000 zone. It is close to the 50% Fib retracement level of the downward wave from the $23,978 swing high to $22,000 low.