9.1 C
New York
Monday, March 4, 2024

Buy now

Bitcoin Remains In Downtrend, Risk of Drop Below $20K

Bitcoin failed to recover above $23,000 against the US Dollar. BTC started a fresh decline and remains at a risk of a move below the $20,000 support.

Bitcoin failed to climb above $23,000 and started a fresh decline.
The price is now trading below the $22,000 level and the 100 hourly simple moving average.
There is a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains at a risk of a move below the $20,000 support zone in the near term.

Bitcoin Price Revisits $20K
Bitcoin price attempted a fresh increase above the $22,000 level. However, the bears were active near the $22,800 and $23,000 levels. A high was formed near $22,950 and the price started a fresh decline.
There was a clear move below the $21,500 level and the price settled below the 100 hourly simple moving average. The price even declined below the $21,000 level and traded close to the $20,000 support zone. A low was formed near $20,200 and the price is now attempting an upside correction.
There was a move above the $20,500 resistance level. Bitcoin is now testing the 23.6% Fib retracement level of the recent decline from the $22,950 high to $20,200 low.
There is also a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $21,000 level. The first major resistance is near the $21,550 level.

Source: BTCUSD on TradingView.com
The 50% Fib retracement level of the recent decline from the $22,950 high to $20,200 low is also near the $21,550 level. Any more gains might send the price towards the $22,300 level or the 100 hourly simple moving average. The main resistance is still near the $23,000 level.
Fresh Decline in BTC?
If bitcoin fails to clear the $22,000 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $20,200 level.
The next major support is near the $20,000 level. A downside break below the $20,000 support could spark a sharp decline. In the stated case, the price could test $18,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $20,200, followed by $20,000.
Major Resistance Levels – $21,550, $22,300 and $23,000.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

Latest Articles

bitcoin
Bitcoin (BTC) $ 65,550.56
ethereum
Ethereum (ETH) $ 3,511.09
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 418.68
solana
Solana (SOL) $ 131.65
xrp
XRP (XRP) $ 0.658003
staked-ether
Lido Staked Ether (STETH) $ 3,507.48
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.784250
dogecoin
Dogecoin (DOGE) $ 0.163757
avalanche-2
Avalanche (AVAX) $ 43.54
shiba-inu
Shiba Inu (SHIB) $ 0.000027
polkadot
Polkadot (DOT) $ 10.05
tron
TRON (TRX) $ 0.141128
chainlink
Chainlink (LINK) $ 20.50
matic-network
Polygon (MATIC) $ 1.10
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 65,387.52
uniswap
Uniswap (UNI) $ 12.92
the-open-network
Toncoin (TON) $ 2.75
bitcoin-cash
Bitcoin Cash (BCH) $ 447.08
litecoin
Litecoin (LTC) $ 89.99
internet-computer
Internet Computer (ICP) $ 13.19
filecoin
Filecoin (FIL) $ 9.93
dai
Dai (DAI) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 34.10
cosmos
Cosmos Hub (ATOM) $ 12.52
near
NEAR Protocol (NEAR) $ 4.52
immutable-x
Immutable (IMX) $ 3.25
leo-token
LEO Token (LEO) $ 4.86
aptos
Aptos (APT) $ 12.04
blockstack
Stacks (STX) $ 3.02
stellar
Stellar (XLM) $ 0.147206
bittensor
Bittensor (TAO) $ 632.96
hedera-hashgraph
Hedera (HBAR) $ 0.117458
optimism
Optimism (OP) $ 3.89
crypto-com-chain
Cronos (CRO) $ 0.146675
kaspa
Kaspa (KAS) $ 0.163455
vechain
VeChain (VET) $ 0.050624
injective-protocol
Injective (INJ) $ 39.68
okb
OKB (OKB) $ 57.72
first-digital-usd
First Digital USD (FDUSD) $ 1.00
pepe
Pepe (PEPE) $ 0.000007
the-graph
The Graph (GRT) $ 0.311648
lido-dao
Lido DAO (LDO) $ 3.27
mantle
Mantle (MNT) $ 0.891245
render-token
Render (RNDR) $ 7.41
monero
Monero (XMR) $ 147.85
celestia
Celestia (TIA) $ 15.78
arbitrum
Arbitrum (ARB) $ 2.00
bonk
Bonk (BONK) $ 0.000037