Bitcoin is moving lower below the $21,000 zone against the US Dollar. BTC could gain bearish momentum below the $20,650 support zone.
- Bitcoin struggled to rise above $21,200 and declined towards $20,650.
- The price is now below the $21,000 level and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline further if there is a clear move below the $20,650 zone.
Bitcoin Price Remains At Risk
Bitcoin price failed to clear the $21,500 resistance zone and started a fresh decline. The price declined below the $21,200 and $21,000 levels.
There was a clear move below the 50% Fib retracement level of the upward move from the $19,751 swing low to $21,780 high. There was also a close below the $20,800 level and the 100 hourly simple moving average.The next key resistance is near the $21,000 level. There is also a key bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair. A clear move above the $21,000 level might start a decent increase.
Source:In the stated case, the price could rise above the $21,250 level. The next major stop might be near the $21,780 high, above which the price may perhaps rise towards the $22,500 level.
