{"id":161496,"date":"2022-08-03T05:37:17","date_gmt":"2022-08-03T05:37:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=161496"},"modified":"2022-08-03T05:37:17","modified_gmt":"2022-08-03T05:37:17","slug":"bitcoin-price-analysis-btc-reaches-key-support","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-analysis-btc-reaches-key-support\/","title":{"rendered":"Bitcoin Price Analysis: BTC Reaches Key Support"},"content":{"rendered":"
Bitcoin price is struggling below $23,000 against the US Dollar. BTC might extend losses if it stays below the $23,100 and $23,500 resistance levels.<\/em><\/p>\n Bitcoin price started a fresh decline from the $24,650 resistance zone. There was a steady decline below the $23,800 and $23,500 support levels.<\/p>\n The decline gained pace below the $23,500 level. The price even tested the 50% Fib retracement level of the upward move from the $20,715 swing low to $24,666 high. The price is now trading below $23,000 and the 55 simple moving average (4-hours).<\/p>\n An immediate resistance on the upside is near the $23,000 level. There is also a key bearish trend line forming with resistance near $23,100 on the 4-hours chart of the BTC\/USD pair.<\/p>\n The first major resistance is near the $23,500 level. The next major resistance on the upside is near the $24,000 level, above which the price could rise towards the $24,650 zone. Any more gains might send the price towards the $25,000 zone.<\/p>\n If there is no upside break, the price might continue to decline below $22,650. The next key support is near the $22,220 level or the 61.8% Fib retracement level of the upward move from the $20,715 swing low to $24,666 high, below which the price might accelerate lower.<\/p>\n In the stated case, the price could decline towards the $21,500 level. Any more losses might call for a move towards the $21,000 support zone or even $20,000 in the coming sessions.<\/p>\n <\/p>\n Bitcoin Price<\/p>\n Looking at the chart, bitcoin price is clearly trading below $23,200 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a move below the $22,220 support in the near term.<\/p>\n 4 hours MACD \u2013 The MACD is now gaining momentum in the bearish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI is now well below the 50 level.<\/p>\n Key Support Levels \u2013 $22,220 and $21,650.<\/p>\n Key Resistance Levels \u2013 $23,100, $23,500 and $24,000.<\/p>\nBitcoin Price Analysis<\/h2>\n
Technical Indicators<\/h2>\n