Bitcoin Price Dips As Dollar Rips, Key Support Nearby

Bitcoin price corrects earnings under the $23,250 area. The QAC should remain above the $22,500 support to avoid a significant decline over the next few sessions.

• Bitcoin fixes earnings under the support area $23,250.
• The price is less than $23,250 and the simple rolling hourly average is 100.
• There was a breakout under a key uptrend line with support close to $23,280 on the btc/usd hourly chart (kraken data stream).
• The pair could continue to decline to the support area of $22,500 in the near term.

Bitcoin price continues to be supported.

Bitcoin price failed to settle above the $24,000 level and started a downside correction. Canada has declined below support levels of $23,500 and $23,250 to move to a short-term downtrend.

There was a breakout under a key uptrend line with support close to $23,380 on the btc/usd hourly chart. The pair has even fallen below $23,000. A trough builds up to $22,758 and the price now consolidates losses.

Bitcoin price is trading below $23,250 and the 100 hourly simple moving average. Immediate resistance is close to an area of $23,000. It is close to the fiber retracement level of 23.6% of the recent decrease from the high of $23,589 to the low of $22,758.

Next major resistance is in the vicinity of $23,200. There is also a downtrend line that connects with a resistance of almost $23,200 on the same chart. The trend line is near the Fib retracement level 50% of the recent drop from the high of $23,589 to $22,758 low.

A clear move over resistance to $23,200 could begin a decent raise. In this case, it could be as high as $23,500. The following resistance might be close to $24,250, above which the btc price could test $25,000.

If the Bitcoin price does not manage to erase the $23,200 resistance, it could continue to fall. Immediate downwards support is close to US$22,750.

The following primary support is close to the $22,550 area. A breakout lower than the $22,500 level could send the price to the $22,200 level. Any other loss could cost $21,500 in the short term.

Hourly weight – the weight is now decreasing in the bearish zone.

Main levels of support - $22,750, followed by $22,550.

Major levels of resistance – $23,000, $23,200, $23,500.