TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses

Bitcoin price started a fresh decline from the $24,250 resistance zone against the US Dollar. BTC declined below $23,000 and remains at a risk of more losses. Bitcoin started a fresh decline below the $23,500 support zone. The price is now trading below the $23,500 level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,250 resistance to start a fresh increase in the near term. Bitcoin Price Breaks Support Bitcoin price struggled to gain pace above the $24,000 resistance zone. The price formed a top near $24,285 and started a fresh decline. There was a clear move below the $23,800 and $23,500 support levels. The bears pushed the pair below the 61.8% Fib retracement level of the upward move from the $22,846 swing low to $24,286 high. Besides, there was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below the $23,500 level and the 100 hourly simple moving average. It is now consolidating above the key $22,650 support zone. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $23,250 level. The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhap...