Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses

The price is now trading below $23,500 and the 100 hourly simple moving on an average. 

There was a break below a big bullish trend line with support approx $23,320 on the hourly chart of the BTC/USD pair 

The live Bitcoin price today is $22,963.54 USD with a 24-hour trading volume of $25,164,095,885 USD. current CoinMarketCap ranking is #1, with a live market cap of $439,002,523,681 USD. It has a circulating supply of 19,117,375 BTC coins and a max. supply of 21,000,000 BTC coins.

Source : CoinMarketCap

The global crypto market cap is $1.08T, a 3.89% decrease over the last day. The total crypto market volume over the last 24 hours is $69.11B, which makes a 14.60% decrease. The total volume in DeFi is currently $7.50B, 10.85% of the total crypto market 24-hour volume. The volume of all stablecoins is now $63.75B, which is 92.25% of the total crypto market's 24-hour volume.

Bitcoin’s dominance is currently 40.46%, an increase of 0.01% over the day.

BTC's price struggled to gain pace above the $24,000 resistance zone. the price formed a top near $24,285 and started to decrease consistently. 

The $23,800 and $23,500 support levels. the bears pushed the pair below the 61.8% Fib retracement level of the upward move from the $22,846 swing low to the $24,286 high, there was a break below a major bullish trend line with approx $23,320 on the hourly chart of the BTC/USD pair. 

Bitcoin is now trading below the $23,500 level and the 100 hourly moving average it is now consolidating above the key $22,650 support zone.

Source: BTCUSD on TradingView.com

The next support now sits near the $22,500 level a close below the $22,500 level may be starting a move towards the $21,500 level in the coming sessions. any other losses maybe send the price towards the $20,500 level 

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