TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why

Sep 15, 2022 04:00 am Cryptocurrency 149

Bitcoin settled below the $21,000 support zone against the US Dollar. BTC is showing bearish signs and remains at a risk of a major breakdown below $20,000.

Bitcoin struggled to correct higher and stayed below the $21,000 resistance zone.

The price is now trading below $20,750 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $20,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair is consolidating above the $20,000 level and might start another decline.

Bitcoin Price Faces Sellers

Bitcoin price remained in a bearish zone below the $21,000 level. There was a short-term recovery wave, but the bears were active near the $20,300 and $20,350 levels.

The price started a fresh decline and traded below the $20,000 level. It even broke the recent swing low and traded to a new weekly low at $19,619. The price is now trading below $20,750 and the < ..

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