Bitcoin Price Breaking This Confluence Support Could Spark a Major Drop

Bitcoin price failed to stay above $20,600 and extended losses. BTC must stay above $20,000 to avoid a major decline in the near term. Bitcoin started a downside correction and broke a major support at $20,600. The price is trading below $20,600 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $21,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could revisit the main $20,000 support zone in the near term. Bitcoin Price Dips Further Bitcoin price formed a swing high near the $21,469 level and recently started a downside correction. BTC declined below the $21,200 and $21,000 levels. The bears were able to push the price below the key $20,600 support and the 100 hourly simple moving average. There was a clear move below the 50% Fib retracement level of the main increase from the $20,050 swing low to $21,470 high. The decline gained pace below the $20,500 level. Bitcoin price even tested the 76.4% Fib retracement level of the main increase from the $20,050 swing low to $21,470 high. The price is now trading below $20,600 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,600 level. The first major resistance is near the $21,000 level. There is also a major bearish trend line forming with resistance near $21,050 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A clear move a...