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Bitcoin settled below the $21,000 support zone against the US Dollar. BTC is showing bearish signs and remains at risk of a major breakdown below $20,000.

  • Bitcoin struggled to correct higher and remained below the $21,000 resistance zone.
  • The price is now trading below $20,750 and the 100 hourly simple moving average.
  • A key bearish trend line is forming with resistance near $20,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is consolidating above the $20,000 level and might start a fresh decline.

Bitcoin price faces sellers

Bitcoin price remained in a bearish zone below the $21,000 level. There was a short-term recovery wavebut the bears were active near the $20,300 and $20,350 levels.

The price started a fresh decline and traded below the $20,000 level. It even broke the recent swing low and traded at a new weekly low at $19,619. The price is now trading below $20,750 and the 100 hour simple moving average.

There is also a key bearish trend line forming with resistance near $20,250 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $20,300 level. It is near the 23.6% Fib retracement level of the key swing decline from the $22,790 swing low to $19,619 low.

A clear move above the trendline and $20,300 could send the price towards the resistance at $20,750. The next major resistance is seen near the $21,200 level. This coincides with the 50% Fib retracement level of the key swing decline from the $22,790 swing low to $19,619 low.

bitcoin price

Source: BTCUSD on TradingView.com

A close above the $21,200 resistance could trigger a further increase. In the indicated case, the price can possibly climb towards $22,000. Any further gains could send the price towards the $22,450 resistance zone.

More losses in BTC?

If bitcoin fails to clear the $20,300 resistance zone, it could continue to decline. Immediate support on the downside is seen near the $20,000 area.

The next major support is near the $19,600 and $19,500 levels. A break down below the $19,500 level could send the price towards the $18,500 support.

Technical indicators:

Hourly MACD – The MACD is now accelerating into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Main support levels – $20,000, followed by $19,500.

Main resistance levels – $20,300, $20,750 and $21,200.



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