TA: Bitcoin Price Turns Red, Why BTC Could Extend Losses

Bitcoin started a fresh decline below the $22,000 support against the US Dollar. BTC is declining and might extend losses below the $20,500 support zone. Bitcoin started a fresh decline and traded below the $22,000 level. The price is now trading below the $22,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might decline further if there is a clear move below the $20,800 level. Bitcoin Price Gains Bearish Momentum Bitcoin price started a fresh decline after it failed to clear the $24,000 resistance zone. There was a steady decline below the $23,500 and $23,000 levels. The bears gained strength for a move below the $22,500 support level and the 100 hourly simple moving average. Finally, the price traded below the $21,500 support level and even spiked below $21,000. A low is formed near $20,994 and the price is now consolidating losses. On the upside, bitcoin price could face resistance near the $21,650 level. It is near the 50% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low. The next key resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $22,250 swing h...