Bitcoin price is consolidating above the $21,500 support. BTC could start a decent recovery if it clears the $22,000 resistance and the 100 hourly SMA.
- Bitcoin is struggling to start a recovery wave above the $22,000 resistance.
- The price is trading below $22,200 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $21,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if it stays below the $22,000 resistance zone.
Bitcoin Price Continues to Struggle
Bitcoin price extended its decline below the $22,200 support zone. BTC even broke the $22,000 support zone and settled below the 100 hourly simple moving average.
The price traded towards the $21,500 support zone. A low is formed near $21,475 and the price is now consolidating losses. There was a minor recovery wave above the $21,800 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $21,900 on the hourly chart of the BTC/USD pair.An immediate resistance is near the $22,000 level and the 100 hourly simple moving average. The next major resistance is near the $22,200 zone. The main resistance is now near the $22,500 zone or the 50% Fib retracement level of the downward move from the $23,450 swing high to $21,475 low.