TA: Bitcoin Price Trims Gains, Why BTC Could Dive To New Monthly Low

Sep 28, 2022 04:00 am Cryptocurrency 98

Bitcoin failed to stay above the $20,000 resistance against the US Dollar. BTC is sliding and might even break the $18,250 support zone.

Bitcoin failed to stay above the $20,000 resistance and started a fresh decline.

The price is trading below $19,000 and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could accelerate lower below the $18,250 support zone in the near term.

Bitcoin Price Restarts Decline

Bitcoin price attempted a decent upward move above the $19,500 resistance. BTC even climbed above the $20,000 resistance and the 100 hourly simple moving average.

However, the crypto market faced a fresh selling interest after the US Dollar regained strength. As a result, bitcoin price topped near the $20,383 level and started another decline. There was a sharp move below the $20,000 level.

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