Bitcoin Bears Keep Pushing, Why BTC Is At Make-or-Break Levels

Bitcoin has been consolidating in the $20,000 area against the US Dollar. BTC needs to clear the $20,550 resistance area in order for a steady rise.

  • Bitcoin continues to struggle to keep pace with the $20,550 resistance.
  • The current price of the stock is trading at the $20,000 mark and near the simple moving average 100 hours per hour.
  • A key bearish trendline is emerging with resistance at $20,330 (data feed Kraken).
  • For a new increase to begin, both the couple must cross the $20,350 threshold and $20,000.

Bitcoin Price Faces A Challenge

The $19,550 area was well supported by Bitcoin. BTC established a foundation and began a new upward movement above the $20,000 resistance area.

A push was seen above the $20,200 and 100-hourly simple moving average levels. Even the Fib retracement level at 61.8% of the downmove from the $20.576 swing high, to the $19,555 low, was cleared by the price. But, it remained under the $20,550 resistance level.

Bitcoin is trading close to the $20,000 mark and the 100 hourly simple average. The upside is that there’s a resistance at the $20,350 mark.

The hourly BTC/USD pair chart shows a significant bearish trendline with resistance close to $20,330. This trend line lies close to the 76.4% Fib level of the downmove from the $19,555 high to the low.

Bitcoin Price

Source: BTCUSD at

Near the $20,550 or $20,575 levels is the next major resistance. The price could reach $21,000 if it moves above the $20.575 resistance. If the gains continue, it could lead to a steady climb towards $22,000.

BTC – A New Decline

Bitcoin could begin a new decline if it fails to break the $20,550 resistance level. The $20,000 support zone is a strong area of immediate support for the downside.

Next is $19,800. Near the $19,550 support is the main support. If the support falls below $19550, it could lead to a rapid move up to $19,000. In the short term, any further losses could lead to a rise to $18,500.

Technical indicators

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $19,880, followed by $19,500.

Major Resistance Levels – $20,350, $20,550 and $21,000.

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