Bitcoin extended losses below the $21,000 support against the US Dollar. BTC is consolidating and any upsides might face hurdles near $21,500.
- Bitcoin remained in a bearish zone and traded below the $21,000 level.
- The price is now trading below the $21,500 level and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $21,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might correct higher but upsides might be limited above $21,500.
Bitcoin Price Remains In A Bearish Zone
Bitcoin price remained in a bearish zone after it settled below the $22,000 support zone. It consolidated near the $21,000 zone for some time before there were more losses.
The price declined below the $21,000 level but downsides were limited. A low is formed near $20,750 and the price is now consolidating losses. It is now trading below the $21,500 level and the 100 hourly simple moving average.
There was a minor upside above the $21,000 level. The price cleared the 23.6% Fib retracement level of the recent drop from the $22,250 swing high to $20,750 low. On the upside, bitcoin price could face resistance near the $21,500 level. It is near the 50% Fib retracement level of the recent drop from the $22,250 swing high to $20,750 low. The next key resistance is near the $21,650 zone. There is also a key bearish trend line forming with resistance near $21,650 on the hourly chart of the BTC/USD pair.
Source:A close above the $21,650 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $22,000 level. The next major resistance sits near the $22,500 level.