Bitcoin Extends Decline, Key $20,000 Support _ 

> BTC is down 20% and approaching the key $20,000 support zone.

A new multi-week low is formed near $20,824 and the price is still trading in a strong downtrend. There was a close below the $22,000 level and the 100 hourly simple moving average.

Bitcoin is now consolidating near the $21,000 level. An immediate resistance on the upside is near the $21,800 level. The first major resistance is near the $22,000 level. If there is a clear move above the trend line, the pair could rise towards the $23,000 level. The main resistance is near the $25,000 level.

If bitcoin fails to clear the $22,100 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $21,000 level.

The next major support is near the $20,000 level. A downside break below the $20,000 support could send the price further lower. In the stated case, the price could drop towards the $18,500 support zone in the near term.