Bitcoin price found support near $22,000 and started a consolidation phase. BTC is trading in a range and facing many hurdles near $22,600.

• Bitcoin is struggling to gain pace for a move above the $22,800 resistance zone.
• The price is trading below $22,650 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $22,620 on the hourly chart of the BTC/USD pair
• The pair could correct higher, but upsides might be limited above the $22,800 level.

Bitcoin Price Faces Hurdles

Bitcoin price started a major decline from well above the $23,200 support zone. BTC declined heavily below the $23,000 level and even traded below the $22,500 level.

The price traded as low as $22,000 and recently started a minor upside correction. There was a minor increase above the $22,250 resistance zone. The price spiked above the 23.6% Fib retracement level of the downward wave from the $23,978 swing high to $22,000 low.

Bitcoin price is now trading below $22,650 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $22,620 on the hourly chart of the BTC/USD pair.

An immediate resistance is near the $22,600 zone and the trend line. The first major resistance is near the $22,800 zone. The main resistance is now near the $23,000 zone. It is close to the 50% Fib retracement level of the downward wave from the $23,978 swing high to $22,000 low.

Fresh Decline in BTC?

If bitcoin price fails to clear the $22,600 resistance and the trend line, it could start another decline. An immediate support on the downside is near the $22,200 zone.

The next major support is near the $22,000 zone, below which the bears might aim another sharp decline. The next major support is near the $21,200 level.