Bitcoin

Make Or Break Moment For Bitcoin Price, Here Are The Key Levels

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Aug 19, 2022

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Just a few days back Bitcoin price lost its crucial $24,000 mark against the bearish pull down. Today the currency has invited a few more losses after losing its hold on $23,500, $23,200 and finally $23,000 mark.

At the moment, the King currency has even lost the $22,000 range and is trading at $21,939. The asset is now having a tough battle against bears.

On the upper end, the immediate resistance for Bitcoin is around $23,150. This brings it near 23.6% Fib retracement level where Bitcoin had a steep fall from $24,440 to as low as $22,715.

Next, when the hourly chart is considered, it is seen that there is a key bearish trend line being created around the $23,550 resistance level. The main resistance lies around $23,750 and the 100 hourly simple moving average. 

However, if the flagship currency manages to close the trade above $23,550 and $23,800 resistance levels, then the currency might start a fresh surge.

Bitcoin Price At $22,500 Mark?

On the other hand, if Bitcoin fails to surpass its crucial resistance zone at $23,200, then the asset will continue its bearish pull and decline at $22,715.

On the bearish scene, the immediate support lies around $22,500 and if bitcoin org decides to close the trade below the said level, there will be a further bearish move.

Suppose Bitcoin fails to make a move above $22,500, then the currency will easily be pulled around the $21,200 mark.

On the other hand, one of the most followed analysts and traders with a username Crypto Capo claims that if Bitcoin moves ahead to consolidate below $22,500, then this move would be very bearish.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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