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Bitcoin Breaks Below $23,150 - Is It Going After $21,500?

Bitcoin Breaks Below $23,150 – Is It Going After $21,500?

Posted Wednesday, August 3, 2022 by
Skerdian Meta • 1 min read

Bitcoin is battling to break through the $24,000 barrier versus the US dollar. BTC is falling and may continue to fall near the $22,000 support level. Below the $23,500 barrier, BITCOIN is flashing bearish indicators.

The price currently trades below the $23,200 level and the 100-hourly simple moving average. The pair may continue to fall and may perhaps test the $22,000 support level in the near term.

Bitcoin Price Indicates a Drop

Bitcoin’s price began to fall steadily from far over the $24,000 barrier level. The price fell below $23,500 and $23,250, entering a short-term negative zone.

BTC/USD

The drop accelerated below the 100 hourly simple moving average. It even tested the 50% Fib retracement level of the crucial gain from the swing low of $20,695 to the high of $24,671. The price currently trades below the $23,200 level and the 100-hourly simple moving average.

On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $23,250. However, it appears that the bulls are defending the $22,680 support zone.

The next significant barrier is the $23,520 area and the 100 hourly simple moving average. The main resistance could be found near $24,180. A closing above the $24,180 resistance level might set the tone for a healthy gain. In the scenario above, the price might jump to $24,650. The next significant barrier is located near the $25,000 mark.

More Bitcoin Losses?

If Bitcoin fails to break through the $23,250 resistance zone and the trend line, it may continue to fall. On the downside, there is immediate support near the $22,680 mark.

It is close to the 61.8 percent Fib retracement level of the important climb from the swing low of $20,695 to the high of $24,671. Any further losses could push the price up to the $22,000 mark. Good luck!

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