Bitcoin's Price Could Start a Strong Surge
Bitcoin's price is currently above $20,000 against the US Dollar, and if it can clear the $20,500 resistance level, it could start a strong surge.
Bitcoin looks poised to make a strong surge higher if it can clear the $20,500 resistance level. This would put the cryptocurrency back on track to potentially retesting its all-time highs near $25,000.
- Bitcoin is on the rise, gaining ground above the $19,800 and $20,000 resistance levels. This surge in momentum is setting the stage for a continued push higher, with the next major target being the $21,000 level.
- The market is bullish and the price is trading above $20,100. The 100 hourly simple moving average is providing support and the market looks poised to continue higher.
- The key bullish trend line on the BTC/USD pair's hourly chart is a positive sign for the market. The support near $20,150 is significant, and if the market can hold above this level, it could signal a move higher.
- The pair could gain bullish momentum if there is a clear move above the $20,500 resistance. This would put the pair in a good position to move higher, potentially reaching towards the $21,000 level.
Bitcoin Price Remains Supported
Bitcoin price attempted an upside break above the $20,500 resistance zone, but failed to sustain momentum and started a downside correction. However, the overall trend remains bullish and another attempt to break above $20,500 could be made in the near future.
Overall, the price of Bitcoin remains well-supported above the key $20,000 level and 100 hourly simple moving average. However, there was a brief dip below the $20,000 support zone earlier today. The price has since rebounded and is currently trading above the $20,200 resistance level.
Bitcoin looks to be rebounding nicely after a recent dip, with prices climbing back above the 50% Fib retracement level of the decline from the $20,475 swing high to the $19,754 low. The 100 hourly simple moving average is also providing support, and there is a key bullish trend line forming with support near $20,150 on the hourly chart. If prices can continue to hold above these key levels, we could see further upside in the days and weeks ahead.
The Bitcoin bulls are back in control after the recent dip below $20,000. The cryptocurrency has surged back above the $20,000 level and is now trading at $20,475. The bulls have also cleared the 76.4% Fib retracement level of the recent decline from the $20,475 swing high to $19,754 low. On the upside, an immediate resistance is near the $20,450 level. The next major resistance sits near the $20,500 zone.
Bitcoin continues to be a volatile asset, with prices swinging up and down over the past week. However, the overall trend seems to be positive, with prices slowly creeping up over time. Some analysts believe that this upward trend will continue, with Bitcoin potentially reaching $20,000 or more by the end of the year.
A proper close above the $20,500 resistance might start another increase that could see the price surpass the $21,000 resistance zone. In this case, the bulls might aim for a move towards the $22,000 level.
Dips Supported in BTC?
Bitcoin prices have been on a tear lately, but there are some signs that the market may be ready for a correction. If bitcoin fails to rise above the $20,450 resistance zone, it could start a downside correction. An immediate support on the downside is near the $20,200 zone.
The market looks like it is heading for a major support near the $20,100 zone. A downside break below the trend line could send the price towards $19,750. The main support is near $19,500, which could start a steady decline if broken.
Technical indicators can be extremely useful in helping investors identify trends and make investment decisions.
The MACD is now gaining pace in the bullish zone, which bodes well for the near-term outlook. The MACD is a widely followed momentum indicator that can be used to gauge the strength of a trend.
The RSI for BTC/USD is now above the 50 level, indicating that the hourly price trend is bullish. This is a positive development for Bitcoin, as it suggests that the recent price rally may continue in the short-term.
The major support levels for the market are $20,200 and $20,000. These levels are important to watch because if the market breaks below them, it could signal a further downward trend.
The major resistance levels for Bitcoin are currently $20,500, $21,200 and $22,000. These levels have been tested multiple times and have so far held strong.
