Bitcoin’s value relative to the dollar remains close to $20,000. While a sustained uptrend in Bitcoin (BTC) would require a price above $20,550, Bitcoin (BTC) has been unable to make much headway in breaking through this barrier.
Both $20,000 and the 100 SMA of the past hours have been resistance levels for the price recently.
An important bearish trend line is building with resistance near $20,330 on the hourly time scale of the BTC/USD pair. Breaking over $20,350 and $20,550 is necessary to start a fresh uptrend.
There is Pressure on Bitcoin’s Price
The price of Bitcoin has been stable at or above $19,550. After finding support near the $20,000 mark, BTC continued its ascent.
Image Source: Libertex.org bitcoin 30m live chart
There was a spike that took the price over $20,200 and the 100 SMA in just a few hours. Even the 61.8% Fibonacci retracement level of the drop from the swing high of $20,576 to the low of $19,555 was breached by the price. Price continued to trade below the $20,550 barrier mark.
Wave ‘Goodbye’ to amateur trading – trade like a pro: Trading with Libertex – the right trading solution
Bitcoin prices are hovering around $20,000, right around its 100-hour simple moving average. The region around $20,350 presents short-term overhead resistance.
An important bearish trend line is building with resistance near $20,330 on the hourly time scale of the BTC/USD pair. Almost exactly 76.4% of the drop from the swing high of $20,576 to the low of $19,555 lies along the trend line.
The $20.550 and $20.575 marks represent the next big stumbling blocks. If the price manages to break out of the $20,575 resistance zone, it may rise to the $21,000 mark. If prices continue to rise, a prolonged move toward the $22,000 resistance area is possible.
Falling Bitcoin Value?
A further decline is possible if Bitcoin’s price is unable to break past the $20,550 resistance mark. In the event of a decline, the $20,000 mark provides near-term support.
The following substantial support is around $19,800. The key support zone is at $19,550. If the $19,550 support is broken, the price might fall precipitously, possibly touching $19,000 in a short amount of time.
In the event of further losses, it may be necessary to reduce the initial investment to $18,500. Happy trading!
You can also join our Telegram Channel for the latest news and information.
