Bitcoin extended its decline below the $25,000 support against the US Dollar. BTC is down 20% and approaching the key $20,000 support zone.
- Bitcoin extended its decline below the $23,500 and $22,500 support levels.
- The price is now trading below the $25,000 level and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the key $20,000 support zone to avoid more downsides.
Bitcoin Price Nosedives
Bitcoin price failed to start a recovery wave and extended decline below the $25,000 support zone. The bears gained strength for a move below the $23,500 support zone.
The price declined over 20% and even traded below the $22,000 support zone. A new multi-week low is formed near $20,824 and the price is still trading in a strong downtrend. There was a close below the $22,000 level and the 100 hourly simple moving average.
Source:If there is a clear move above the trend line, the pair could rise towards the $23,000 level. The main resistance is near the $25,000 level. It is near the 50% Fib retracement level of the recent drop from the $28,300 swing high to $20,824 low.