Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000. Bitcoin started another decline below the $20,200 and $20,000 levels. The price is now trading below the $20,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further lower below the $19,500 support zone in the coming sessions. Bitcoin Price Takes Hit Bitcoin price failed to recover above the $22,000 resistance zone. BTC started a fresh decline below the $21,200 and $21,000 support levels. The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average. A low is formed near $19,525 and the price is now consolidating losses. On the upside, an immediate resistance is near the $19,800 level. The first major resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low. Besides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave. Source: BTCUSD on TradingView.com The next major resistance could be near the $20,700 z...
