Categories: Bitcoin Latest News

TA: Bitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000.

Bitcoin started another decline below the $20,200 and $20,000 levels.
The price is now trading below the $20,000 level and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further lower below the $19,500 support zone in the coming sessions.

Bitcoin Price Takes Hit

Bitcoin price failed to recover above the $22,000 resistance zone. BTC started a fresh decline below the $21,200 and $21,000 support levels.

The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average. A low is formed near $19,525 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $19,800 level. The first major resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low.

Besides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave.

Source: BTCUSD on TradingView.com

The next major resistance could be near the $20,700 zone. It is close to the 50% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low. Any more gains might send the price towards the $21,000 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $20,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,500 level and the recent low.

The next major support sits near the $19,200 level. A close below the $19,200 support might spark a sharp decline. In the stated case, the price might decline towards the $18,500 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $19,500, followed by $19,200.

Major Resistance Levels – $19,800, $20,000 and $21,000.

Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000.

Bitcoin started another decline below the $20,200 and $20,000 levels.
The price is now trading below the $20,000 level and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further lower below the $19,500 support zone in the coming sessions.

Bitcoin Price Takes Hit

Bitcoin price failed to recover above the $22,000 resistance zone. BTC started a fresh decline below the $21,200 and $21,000 support levels.

The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average. A low is formed near $19,525 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $19,800 level. The first major resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low.

Besides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave.

Source: BTCUSD on TradingView.com

The next major resistance could be near the $20,700 zone. It is close to the 50% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low. Any more gains might send the price towards the $21,000 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $20,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,500 level and the recent low.

The next major support sits near the $19,200 level. A close below the $19,200 support might spark a sharp decline. In the stated case, the price might decline towards the $18,500 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $19,500, followed by $19,200.

Major Resistance Levels – $19,800, $20,000 and $21,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd

NewsBTCRead More

Recent Posts

The Protocol: Bitcoin Bridged Trustlessly to L2; Ethereum’s Blob Mob

Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech…

32 minutes ago

Bitcoin Pumps Above $97K, Then Dumps, as Ether, XRP Surge 7%

Bitcoin zoomed above $97,000, bringing hopes of breaching the landmark $100,000 level on social media,…

32 minutes ago

Looking to Earn More on Dogecoin? This Bitcoin Layer-2 Will Use DOGE for Yields

Bitcoin layer-2 network GOAT will soon let dogecoin (DOGE) users stake their tokens to earn…

32 minutes ago

UltraShort Bitcoin ETF Offering 2x Inverse Returns Sees Record Volume as BTC Holds Above $90K

There’s something about major psychological price levels, like bitcoin's (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) $100,000 mark.…

32 minutes ago

Bitcoin Miners Approach $40B Market Cap as Difficulty Set for Fifth Straight Increase

Publicly traded bitcoin (<a href="https://www.coindesk.com/price/bitcoin/ " target="_blank">BTC</a>) miners are approaching the milestone of an aggregated…

32 minutes ago

Bitcoin to Overcome $100K Despite Pullback, Has Plenty of More Room Before Topping: CryptoQuant

Bitcoin's (<a href="https://www.coindesk.com/price/bitcoin" target="_blank">BTC</a>) pullback from the $100,000 level after continuously hitting fresh new highs…

32 minutes ago