TA: Bitcoin Price Turns Red as Bears Take Over Crypto Market

Bitcoin is showing bearish signs below the $20,000 support zone against the US Dollar. BTC could accelerate further lower below the $19,500 support zone. Bitcoin started a fresh decline and traded below the $20,000 support. The price is now trading below $20,200 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a substantial decline if it breaks the $19,500 support zone. Bitcoin Price Remains At Risk Bitcoin price attempted a recovery wave above the $20,300 resistance level. However, there was no upside break and the price remained in a bearish zone below $20,500. Recently, Ethereum saw a major bearish reaction below the $1,500 support. As a result, BTC also moved a few points lower and declined below the $20,000 support. It even traded below the $19,600 and tested the $19,500 support zone. A low is formed near $19,509 and the price is now consolidating losses. Bitcoin price is now trading below $20,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,000 level. There is also a major bearish trend line forming with resistance near $20,050 on the hourly chart of the BTC/USD pair. Besides, the 23.6% Fib retracement level of the main decline from the $22,790 swing high to $19,509 low is just above the trend line. The next major resist...