Bitcoin Price Is Rising, Here’s What Could Trigger A Sharp Increase

Bitcoin is steadily rising above $19500 against the US Dollar. BTC may gain bullish momentum once the resistance zone of $20,000 is cleared.

  • Bitcoin was well-bought and saw a steady increase of $19,500.
  • The price traded above $19 400 and the simple 100 hour moving average.
  • The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $19,240 (data feed Kraken).
  • A close to the $20,000 resistance zone could trigger a sharp increase in the pair.

Bitcoin price has more upsides

BTC price reached a level above $19,000 resistance. BTC was stable, and it began a steady and slow increase over the $19,000.

On the hourly chart for the BTC/USD pair, there was a breakout above the key bearish trendline with resistance at $19,240. It was possible to surpass the 50% Fib level of the downmove from $19,939 swing high and $19,000 low.

Bitcoin prices are trading at $19,400 above the simple moving average of 100 hours. The $19,600 mark is the immediate resistance. This is near the 61.8% Fib Retracement level for the downmove from $19,939 high to $19,000 low.

Bitcoin Price

Source: BTCUSD from

Near the $20,000 mark is the first major resistance. The price could rise if it moves above the $20,000 level. The price could test the $21,200 barrier in the above scenario. If the gains continue, there could be a gradual increase to $22,000.

BTC Supported Dips

It could cause a correction if bitcoin falls below the $20,000 resistance level. Support for the downside lies near the $19 200 zone and 100 hourly simple moving Average.

Near the $19,000 support zone is the next important support. The selling pressure might be increased if the price falls below the $19,000 level. If this happens, then the price might fall to the $18,500 level. A further loss could push the price to the $18,250 mark.

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 above the 50 level.

Major Support Levels – $19,200, followed by $19,000.

Major Resistance Levels – $19,600, $20,000 and $21,200.

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