Attention! Bitcoin (BTC) Could Drop 5% Due to Lack of Price Momentum!

Bitcoin is struggling to break above the $24,000 resistance zone against the dollar. BTC is falling and could continue to drop towards the $22,000 support.

Bitcoin is showing bearish signs below the $23,500 level.
The price is trading below the $23,200 level and the 100 hourly simple moving average.
There is a major downtrend line forming with resistance near $23,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could go further down and could even test the $22,000 support in the short term.

Bitcoin price signals decline

Bitcoin price has started a steady decline from well above the $24,000 resistance zone. The price dipped below $23,500 and $23,250 to enter a short-term bearish zone.

The decline gained ground below the 100 hourly SMA, and even tested the 50% retracement level of the key upside from the $20,695 low to $24,671 high. The price is struggling below the $23,200 level and the 100 hourly simple moving average.

Additionally, there is a downtrend line forming with resistance near $23,250 on the hourly chart of the BTC/USD pair. However, it appears that the bulls are protecting the $22,680 support zone.

To the upside, bitcoin price is facing resistance near the $23,250 level and the trend line. The next key resistance is near the $23,520 area and the 100 hourly SMA.

The main resistance could be near the $24,180 area. A close above the $24,180 resistance zone could set the pace for a decent rally. In the indicated case, the price could rise towards the $24,650 level. The next major resistance is near the $25,000 level.

More losses in BTC?

If bitcoin fails to break above the $23,250 resistance zone and the trend line, it could continue to fall. Immediate support on the downside is near the $22,680 level.

The next major support is now near the $22,210 level. It is close to the 61.8% retracement level of the key rally from the $20,695 low to $24,671 high. Any further losses could send the price back towards the $22,000 level.

Almmaye

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