Bitcoin is showing a few bearish signs below the $24,000 resistance zone against the US Dollar. BTC is declining and might test the $22,000 support zone.
- Bitcoin is slowly moving lower below the $24,000 pivot level.
- The price is now trading below the $23,500 level and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down towards the $22,000 support in the near term.
Bitcoin Price Starts Decrease
Bitcoin price failed to start a fresh increase above the $24,000 resistance zone. The price started a fresh decline and settled below the $23,500 support zone.
There was a clear move below the 23.6% Fib retracement level of the upward move from the $20,695 swing low to $24,670 high. The price is now showing bearish signs below the $23,500 level and the 100 hourly simple moving average.
Source:The main resistance could be near the $24,000 zone. A close above the $24,000 resistance zone could set the pace for a fresh increase. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.