Bitcoin price is consolidating below the $22,000 resistance. If the daily Bitcoin candle closes below the support of $21,500, there will be a risk of a sharp fall in the value of this currency.
According to Wallex and quoted by NewsBTC, the price of Bitcoin remained below the resistance level of $22,200. Bitcoin finally stabilized below the $22,000 range and below the 100-hour simple moving average.
Earlier we saw a bounce below the $21,500 support area and a new weekly floor was formed at $21,359.
There was a slight recovery in the value of BTC, which pushed the price above the $21,650 resistance. The price climbed to the key level of the 50% retracement Fibonacci indicator (drawn between the top and bottom of $23,450 to $21,359).
Additionally, there was a breakout of the downtrend line drawn on the Bitcoin hourly chart at the $21,700 resistance. Bitcoin analysis suggests that the next closest resistance is at the $21,800 level and the 100-hour simple moving average.
The next key resistance is near the $22,100 area. A clear break above the $22,100 resistance may start an upward wave in the price of Bitcoin. In this case, the next resistance on the way is the $22,750 area. After that, the next target will be the $23,250 range.
But if the price of Bitcoin cannot overcome the $22,100 resistance barrier, there will be a possibility of a continuous decline. Bitcoin’s immediate support will be at the $21,500 level.
The next key support is in the $21,350 area; The failure of this support could open the way for the price to drop to $20,500.
The MACD indicator on the hourly chart of Bitcoin is now decelerating in the bearish zone, and the relative strength indicator is above 50.
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