TA: Bitcoin Price Takes A Hit, This Support Is The Key

Jul 12, 2022 04:00 am Cryptocurrency 182

Bitcoin extended losses and traded below $20,000 against the US Dollar. BTC could revisit the key $19,500 support zone, where the bears might be tested.

Bitcoin is following a bearish path below the $20,500 pivot level.

The price is now trading below the $20,500 level and the 100 hourly simple moving average.

There was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might find support near the $19,500 and $19,350 levels.

Bitcoin Price Extends Losses

Bitcoin price started a fresh decline after it failed to stay above the $22,000 level. There was a steady decline below the $21,200 and $21,000 levels.

The price moved below the 61.8% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high. Besides, there was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below the $20,500 level and ..

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