Bitcoin Price Prediction: Why $21,000 Can Drive Uptrend
Bitcoin continued to fall below the $25,000 support level against the US dollar. BTC is down 20% and nearing the critical $20,000 support zone. BITCOIN has continued to fall below the $23,500 and $22,500 support levels.
The price currently trades below $25,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a connecting bearish trend line is forming with resistance near $22,100.
The pair must remain above the critical $20,000 support level to avoid further declines.
Bitcoin’s Value Plummets
Bitcoin’s price failed to initiate a recovery wave and continued to fall below the $25,000 support level. As a result, the bears gained momentum as they moved below the $23,500 support level.
The price fell by more than 20% and fell below the $22,000 support level. A new multi-week low has been formed near $20,824, and the price remains in a strong downtrend. A close underneath the $22,000 level and the 100 hourly simple moving average occurred.
Bitcoin is currently consolidating near the $21,000 mark. On the upside, immediate resistance is near the $21,800 level. The first significant resistance is located near the $22,000 level.
On the hourly chart of the BTC/USD pair, a connecting bearish trend line is forming with resistance near $22,100. It is close to the 23.6 percent Fib retracement level of the recent decline from the swing high of $28,300 to the low of $20,824.
If there is a clear break above the trend line, the pair could rise to $23,000. The main resistance is around the $25,000 mark. It is close to the 50% Fib retracement level of the recent decline from the swing high of $28,300 to the low of $20,824.
More Bitcoin Losses?
If Bitcoin fails to break through the $22,100 resistance zone and the trend line, it may continue to fall. On the downside, there is immediate support near the $21,000 level.
The next major support is around the $20,000 mark. A break underneath the $20,000 support level could lower the price. In the aforementioned scenario, the price could fall in the near term to the $18,500 support zone. Good luck!
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