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Bitcoin Price Analysis: BTC Drops Sharply, Key Support Nearby

Summary:
Bitcoin price started a fresh decline below the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near ,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair remains at a risk of more losses below the ,000 level in the near term. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,800 and ,000 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,800 resistance zone. There was a steady decline below the ,500 and ,000 support levels. The decline gained pace below the ,500 level and the 55 simple

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  • Bitcoin price started a fresh decline below the $22,000 zone against the US Dollar.
  • The price is now trading below $21,000 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $20,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair remains at a risk of more losses below the $20,000 level in the near term.

Bitcoin price is struggling below $21,000 against the US Dollar. BTC might extend losses if it stays below the $20,800 and $21,000 resistance levels.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $22,800 resistance zone. There was a steady decline below the $22,500 and $22,000 support levels.

The decline gained pace below the $21,500 level and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near $20,800 on the 4-hours chart of the BTC/USD pair. Besides, there was a clear move below the 50% Fib retracement level of the upward move from the $18,527 swing low to $22,800 high.

The bears even pushed the price below the $21,000 level. The price tested the $20,000 support zone and is now consolidating losses.

It is trading below $21,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $20,550 level and the 55 simple moving average (4-hours). The first major resistance is near the $20,800 level.

The main resistance sits near the $21,250 level. Any more gains might send the price towards the $22,000 zone. If there is no upside break, the price might continue to decline below $20,000 or the 61.8% Fib retracement level of the upward move from the $18,527 swing low to $22,800 high.

The next key support is near the $19,500 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $18,500 level.

Bitcoin Price Analysis: BTC Drops Sharply, Key Support Nearby

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $21,000 and the 55 simple moving average (4-hours). Overall, the price remains at a risk of more losses below the $21,250 level in the near term.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $20,000 and $19,500.

Key Resistance Levels – $20,550, $21,250 and $22,000.

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