TA: Bitcoin Drops 20%, Why The Bulls Must Protect $20K

Jun 14, 2022 04:00 am Cryptocurrency 143

Bitcoin extended its decline below the $25,000 support against the US Dollar. BTC is down 20% and approaching the key $20,000 support zone.

Bitcoin extended its decline below the $23,500 and $22,500 support levels.

The price is now trading below the $25,000 level and the 100 hourly simple moving average.

There is a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair must stay above the key $20,000 support zone to avoid more downsides.

Bitcoin Price Nosedives

Bitcoin price failed to start a recovery wave and extended decline below the $25,000 support zone. The bears gained strength for a move below the $23,500 support zone.

The price declined over 20% and even traded below the $22,000 support zone. A new multi-week low is formed near $20,824 and the price is still trading in a strong downtrend. There was a close below the $22,000 level and the 100 hourly simple moving average.

Bitcoin is now consolidating near the $21,000 level. An immediate resistance ..

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