TA: Bitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

Aug 29, 2022 04:00 am Cryptocurrency 112

Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000.

Bitcoin started another decline below the $20,200 and $20,000 levels.

The price is now trading below the $20,000 level and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could accelerate further lower below the $19,500 support zone in the coming sessions.

Bitcoin Price Takes Hit

Bitcoin price failed to recover above the $22,000 resistance zone. BTC started a fresh decline below the $21,200 and $21,000 support levels.

The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average. A low ..

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