Bitcoin is showing positive signs above the $20,500 zone against the US Dollar. BTC could rally if there is a clear move above the $21,250 resistance zone.

  • Bitcoin remains well supported above the $20,000 and $20,500 levels.
  • The price is now above the $20,500 level and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $21,250 and $21,650 resistance levels.

Bitcoin Price Could Gain Pace

Bitcoin price started a downside correction below the $20,500 level. There was also a move below the $20,000 level, but the price was stable near the $19,750 zone.

A low was formed near $19,750 and the price started fresh. BTC was able to clear the $20,000 and $20,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $20,450 on the hourly chart of the BTC/USD pair.

The pair climbed above the 50% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. Bitcoin is now above the $20,500 level and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $21,250 level. It is near the 76.4% Fib retracement level of the downward move from the $21,698 swing high to $19,750 low. The next key resistance is near the $21,650 level. A clear move above the $21,650 level might start a decent increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance sits near the $22,200 level, above which the…


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