Bitcoin Price Analysis: BTC Takes A Major Hit

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

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $20,200 resistance zone. There was a steady decline below the $20,000 and $19,500 support levels.

The decline gained pace below the $19,500 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $19,000 level. A low was formed near $18,527 and the price is now consolidating losses.

It is now trading below $20,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $18,920 level. It is near the 23.6% Fib retracement level of the downward move from the $20,179 swing high to $18,527 low.

The first major resistance is near the $19,350 level. It is near the 50% Fib retracement level of the downward move from the $20,179 swing high to $18,527 low. There is also a key bearish trend line forming with resistance near $19,550 on the 4-hours chart of the BTC/USD pair.

The main resistance sits near the $19,800 level and the 55 simple moving average (4-hours) or $20,000. Any more gains might send the price towards the $21,000 zone.

If there is no upside break, the price might continue to decline below $18,500. The next key support is near the $18,000 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $16,800 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $20,000 and the 55 simple moving average (4-hours). Overall, the price remains at a risk of more losses below the $18,500 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 – $18,500 and $16,800.

Key Resistance Levels – $19,400, $19,800 and $20,000.

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