TA: Bitcoin Price Signals Bearish Reaction, Why BTC Could Revisit $22K

Bitcoin is showing a few bearish signs below the $24,000 resistance zone against the US Dollar. BTC is declining and might test the $22,000 support zone. Bitcoin is slowly moving lower below the $24,000 pivot level. The price is now trading below the $23,500 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down towards the $22,000 support in the near term. Bitcoin Price Starts Decrease Bitcoin price failed to start a fresh increase above the $24,000 resistance zone. The price started a fresh decline and settled below the $23,500 support zone. There was a clear move below the 23.6% Fib retracement level of the upward move from the $20,695 swing low to $24,670 high. The price is now showing bearish signs below the $23,500 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USD pair. The current price action suggests bitcoin could continue to move down, with an immediate support at $22,800. On the upside, the price is facing resistance near the $23,300 level and the trend line. The next key resistance is near the $23,750 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The main resistance could be near the $24,000 zone. A close above...