Bitcoin Price Falls Below $20,000 – Quick Technical Outlook

Bitcoin began a precipitous slide, trading below $20,000 against the US dollar. BTC is still vulnerable to further losses unless it returns above $20,000. BITCOIN has begun another plunge below the $20,200 and $20,000 support levels.

The price has dropped below $20,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key negative trend line with resistance near $20,000 is formed.

The pair might fall far below the $19,500 support level in the following sessions.

Bitcoin Price Drops

Bitcoin’s price has failed to rise above the $22,000 resistance level. BTC has begun a downward trend below the $21,200 and $21,000 support levels. The bears gained momentum in preparation for a push underneath the $20,000 support level. The price fell below $20,000 and the 100 hourly simple moving average. The price has produced a low near $19,525 and is now consolidating losses.

On the upside, an imminent resistance level is near $19,800. The first major barrier is located at the $20,000 level. It is close to the 23.6% Fib retracement level of the decline from the $21,875 swing high to the $19,525 low.

On the hourly chart of the BTC/USD pair, a key negative trend line with resistance near $20,000 is formed. Bitcoin must break through the $20,000 resistance zone to begin a recovery wave.

The next significant resistance level could be around $20,700. It is close to the 50% Fib retracement level of the decline from the swing high of $21,875 to the low of $19,525. Any further advances might push the price to the $21,000 resistance level.

More Bitcoin Losses?

If Bitcoin fails to break over the $20,000 barrier level, it may continue to fall. On the downside, immediate support is near the $19,500 level and the recent low.

The next significant support is around $19,200. A close below the $19,200 support level might trigger a rapid fall. In the aforementioned scenario, the price may fall towards the $18,500 mark in the next sessions. Good luck!