The price of Bitcoin began a significant decline from well above the $23,200 support zone, dropping heavily below the $23,000 level and even falling below $22,500. At its lowest point, the price reached $22,000 but has since started a minor upward correction. Recently, the price rose above the $22,250 resistance zone and briefly spiked above the 23.6% Fibonacci retracement level of the downward wave from the $23,978 swing high to $22,000 low.
Currently, Bitcoin is trading below $22,650 and the 100 hourly simple moving average, and a key bearish trend line is forming with resistance near $22,620 on the hourly chart of the BTC/USD pair. An immediate resistance level lies near the $22,600 zone and the trend line, with the first major resistance at $22,800. The main resistance is now near the $23,000 zone, close to the 50% Fibonacci retracement level of the downward wave from the $23,978 swing high to $22,000 low.
In terms of support levels, major support can be found at $22,200, followed by $22,000. Major resistance levels can be found at $22,620, $22,800, and $23,220.