After a bearish three-drives reversal pattern, BTC has recently fallen below the neckline, indicating a significantly bearish signal for the short-term outlook. In the daily chart, a potentially deadly rounded top pattern is forming. BTC is currently approaching a significant #support level of $21,000.
#bitcoin prices are currently experiencing their third consecutive week of losses, causing BTC/USD to fall below the $22,000 mark. This decline was further exacerbated by the recent comments made by Fed Chair Jerome Powell, who hinted at the possibility of continued interest rate hikes in the near future. As a result, BTC/USD broke through its previous resistance levels, plummeting to a low of $21,600.
Bitcoin's price has broken through the key $22,000 support level. Bitcoin is exhibiting bearish signals and may fall further in the near term to $20,500 or even $20,000. Bitcoin's price failed to break through the $22,250 barrier zone. BTC bears were aggressive, pushing the price below the $22,000 support level.
The recent market downturn has resulted in significant losses, causing the price of Bitcoin to plummet below $21,800. As a result, a new monthly low of approximately $21,600 has been established, and the price is currently consolidating its losses. At present, BTC is trading below $22,000 and the 21-hourly simple moving average.
According to #Priceanalysis , Bitcoin is facing a crucial challenge in breaking through the $22,000 barrier and trend line. If it fails to do so, it may experience a decline once again. In the event of a decline, there is immediate support available at the $21,500 level. If the price continues to fall, the next significant support level is at $21,200, and if it drops even further, it may reach the $21,000 mark. The next big support level is at $20,500, and any further losses may push the price up to the $20,000 mark.
At the $21,800 mark, BTC experienced a strong #resistance level. However, the next significant barrier level is just around the corner at $22,000. In the hourly chart of the BTC/USD pair, we can see a large negative trend line forming with resistance near $22,050. The primary resistance level is currently at $22,250. If we see a closing over this level, it could signal the start of a solid climb towards the $22,600 resistance zone. Beyond that, the next major resistance level is at $23,000, which could potentially create upward momentum for the price.
KEY LEVELS :
RESISTANCE LEVEL : $22,100-$22,600
SUPPORT LEVEL : $21,350-$21,000