Bitcoin price made another attempt to gain momentum above $13,200 against the US Dollar, but failed. BTC is likely to react to the downside if it continues to struggle near $13,200 and $13,300.
- Bitcoin corrected lower below $13,000, but it found support near $12,800.
- The price is back above the $13,000 zone and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $12,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must gain strength above $13,200 to continue higher towards $13,500 in the near term.
Bitcoin Price is Lacking Momentum
Bitcoin price failed to stay above the $13,200 zone and started a downside correction. BTC broke the $13,100 and $13,000 levels, but the bulls were able to defend the $12,800 region.
A low is formed near $12,790 and the price is currently rising. It is back above the $13,000 zone and the 100 hourly simple moving average. There was a break above the 50% Fib retracement level of the recent drop from the $13,247 high to $12,790 low.
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Bitcoin price must clear the $13,200 resistance and gain momentum to continue higher. The next major resistance on the upside is near the $13,300 level, above which the price might test $13,500.
