Bitcoin price is facing a major hurdle near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,500 support zone.
- Bitcoin seems to be facing a major challenge near the $21,450 and $21,500 levels.
- The price is trading above $20,600 and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a downside correction below the $20,800 and $20,500 support levels.
Bitcoin Price Keeps Struggling
Bitcoin price attempted an upside break above the $21,500 resistance zone. However, BTC failed to gain pace above the $21,500 zone. A high was formed near $21,679 and the price is now slowly moving lower.
There was a break below the $21,250 level. The price declined below the 23.6% Fib retracement level of the recent increase from the $20,620 swing low to $21,679 high. There was a break below a major bullish trend line with support near $21,100 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading above $20,600 and the 100 hourly simple moving average. If there is another upside break attempt, an immediate resistance is near the $21,450 level. The next major resistance is near the $21,500 zone, above which the price might gain bullish momentum.
