Bitcoin Price Breaking This Confluence Resistance Could Spark a Fresh Surge

Current Bitcoin prices are consolidating at below $20,000. If it crosses the $100 hourly SMA, and $20,650 then BTC may start a new rally.

  • Bitcoin has maintained gains over the $20,250-$20,000 support levels.
  • The daily simple moving average is at the $100 hourly level and is currently trading below $20650
  • A key bearish trendline is emerging with resistance close to $20,650 in the hourly BTC/USD chart (data feed Kraken).
  • A pair that clears the 200 hourly SMA or $20,650 could see an additional increase.

Bitcoin’s Price is Stable

After a slight downturn, Bitcoin prices found support in the $20,000.250 area. BTC bulls were active at levels above $20,000 and $23,250.

Before the price began to move higher, a low was reached at around $20,000. A move higher than the resistance of $20,450 occurred. It was able surpass the 23.6% Fib level of the key fall from $21,075 swing high, to $20,000.

Bitcoin prices are trading at below $20,000. This is the same as the simple moving hourly average. The hourly BTC/USD chart shows a significant bearish trendline with resistance close to $20,650.

Surprisingly, a resistance area is located near the $20620 level and the 100-hourly simple moving average. A bearish trend line and $20,650 are the initial major resistances. This trend line lies close to the 50% Fib Retracement level for the crucial drop from $21,075 swing high, $20,250 low.

Bitcoin Price

Source: BTCUSD from

The price could rise further if it moves above $20,650. Near $21,000 is the next significant resistance, which could cause a new surge. If the above is true, then the price might rise to the $22,500 zone.

BTC: More losses

Bitcoin could move down if it fails to break the $20,650 resistance level. Support for the downside lies near the $20,000.320 zone.

Next is the $20,000.250 level. Below $20,000 the main support is where bears can aim a greater correction. The price could fall towards $19,200 in this scenario.

Indicators technical

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

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

Major Support Levels – $20,320, followed by $20,250.

Major Resistance Levels – $20,650, $20,700 and $21,000.

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