Bitcoin Trivia of the Day
A Bitcoin network is faster than the fastest supercomputer in the world! The Summit, which is the world’s fastest supercomputer has a processing power of 122.3 petaflops. It is a quadrillion floating-point operations per second. That’s not even fast for the Bitcoin network with 80, 704, 290 petaflops of processing power. Want to be one of the fastest rising millionaires alive? Invest in the world’s most in-demand cryptocurrency. Register for free now!
Bitcoin price failed again and declined below $23,000. BTC is moving lower and might decline further below the $22,500 support.
- Bitcoin is moving lower from the $23,500 resistance zone.
- The price is trading below $23,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $22,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower if there is a close below the $22,500 support zone.
Bitcoin Price Trims Gains
Bitcoin price attempted an upside break above the $23,500 resistance zone. BTC bulls struggled to clear the $23,500 barrier. A high was formed near the $23,450 zone and the price started a bearish wave.
There was a move below the $23,200 and $23,000 levels. The decline gained pace below the $22,800 level and the 100 hourly simple moving average. The price even spiked below $22,500. A low is formed near $22,418 and the price is now consolidating losses.
Bitcoin price is trading below $23,000 and the 100 hourly simple moving average. An immediate resistance is near the $22,660 level. It is near the 23.6% Fib retracement level of the recent decline from the $23,450 swing high to $22,418 low.
The next major resistance is near the $23,000 zone. There is also a key bearish trend line forming with resistance near $22,980 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The trend line is near the 50% Fib retracement level of the recent decline from the $23,450 swing high to $22,418 low. A clear move above the $23,000 resistance might start a decent increase. In the stated case, the price may perhaps rise towards the $23,500 level. The next resistance could be near the $23,650 level, above which btc price might rise towards the $24,250 resistance zone.
More Losses in BTC?
If bitcoin price fails to clear the $23,000 resistance, it could continue to move down. An immediate support on the downside is near the $22,500 zone.
A close below the $22,500 support might spark bearish moves. The next major support is near the $22,200 zone. A downside break below the $22,200 zone might send the price towards the $21,500 zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $22,500, followed by $22,200.
Major Resistance Levels – $23,000, $23,500 and $23,650.