Bitcoin has yet to rise above $23,000 in value against the US dollar. BTC has begun a new decline and is still at risk of falling below the $20,000 support level. The price is currently trading below the $22,000 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a new connecting bearish trend line is forming with resistance near $20,850. In the short term, the pair is still at risk of falling below the $20,000 support level.

Bitcoin’s price attempted to break through the $22,000 barrier once more. On the other hand, the bears were active near the $22,800 and $23,000 levels. A high was formed near $22,950, and the price began to fall again. The BITCOIN price dropped below the $21,500 level and settled underneath the 100 hourly simple moving average. The price fell below $21,000 and was trading near the $20,000 support zone. A low was formed near $20,200, and the price is now trying to correct to the upside.

The price broke through the $20,500 resistance level. Bitcoin is currently testing the 23.6 percent Fib retracement level of the recent downturn from a high of $22,950 to a low of $20,200. On the hourly chart of the BTC/USD pair, a new connecting bearish trend line is forming with resistance near $20,850. On the upside, immediate resistance is near the $21,000 level. The first significant resistance is located near the $21,550 level.

The 50% Fib retracement level of the decline from the $22,950 high to the $20,200 low is also close to the $21,550 level. Any further gains could push the price to the $22,300 level or the 100 hourly simple moving average. The primary resistance still seems to be around $23,000.

Bitcoin Price Drop?

If Bitcoin fails to break through the $22,000 resistance area and the trend line, it may begin a new decline. On the downside, there is immediate support near the $20,200 level. The next significant support is around the $20,000 mark.

A break underneath the $20,000 support level could precipitate a precipitous drop. In this case, the price could reach $18,800.