Bitcoin Price Analysis: BTC Could Drop To New 2022 Lows

Bitcoin price is struggling below $17,000 against the US Dollar. BTC might extend losses if it stays below the $17,000 and $17,200 resistance levels.

Bitcoin Price Analysis

Bitcoin price started a fresh decline below the $17,000 zone. There was a steady decline below the $16,900 and $16,800 support levels. Earlier, the price attempted an upside break, but the bears were active near the $17,000 zone.

During the recent decline, there was a break below a connecting bullish trend line with support near $16,825 on the 4-hours chart of the BTC/USD pair. The decline gained pace below the $16,700 level and the 55 simple moving average (4-hours).

The bears even pushed the price below the 50% Fib retracement level of the upward move from the $16,273 swing low to $17,060 high.

The price is now trading below $16,800 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $16,800 level. The next major resistance might near the $17,000 zone. The first major resistance is near the $17,200 level.

A clear move above the $17,200 level might send the price towards $18,000, above which the price might rise towards the $18,500 level.

Any more gains might push the price towards the $19,000 zone. If there is no upside break, the price might continue to decline below $16,500. The next key support is near the $16,450 level or the 76.4% Fib retracement level of the upward move from the $16,273 swing low to $17,060 high, below which the price might accelerate lower.

In the stated case, the price could decline towards the $16,000 level. Any more losses might send the price towards the $15,500 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $17,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $17,000 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $16,450 and $16,000.

Key Resistance Levels – $16,800, $17,000 and $17,200.

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