After the resistance zone at $24k was not cleared, BTC price started to drop. This led to a sustained break below $23,500 and $23,000.
With a break below the $22,500 support line and the 100 hourly simple moving average, the bears are united to build collective strength. The price of BTC fell below the support line of $21,500, and even soared below $21,000. A low point was generated around $2094, and the price of BTC is now consolidating losses.
From the perspective of BTC's upside potential, its price may face resistance around $21,650, which is close to the 50% retracement of Fibonacci's recent swing high from $222,250 to a low of $2,094.
The next key resistance level is around $22,000. However, there is a major bearish trend line formed around $21,950 on the hourly chart of BTC/USD. This trend line is close to the 76. Fibonacci 4% retracement of the recent decline that took BTC prices from $22 and $250 to $20 and $994.
If BTC fails to start a recovery wave above $21,650, its downward trend may continue. The immediate support line for the decline is around $21,000.
