Bitcoin Price is Showing Early Signs of Fresh Rally, But 100 SMA is the Key

Bitcoin prices remained above $20,000 support. BTC continues to consolidate and may start a new rally once it crosses the $20,500 resistance area.

  • Bitcoin was traded above the $20,000 threshold.
  • It is currently trading at below 20.500, and it has fallen to the simple 100-hour moving average.
  • A crucial bearish trend line is emerging with resistance at $20,500 (data feed Kraken).
  • If the pair clears both the $100 hourly SMA (and $20,500), it could rally again.

Bitcoin Price Consolidates

Bitcoin prices began a downward correction below $20,600 levels and $20,500 levels. BTC traded even below the $20,000.25 level, and also settled below the simple 100-hour moving average.

But, bulls were very active around the $20,000 mark. An area of low volatility was found near $20,059; the market is currently consolidating losses. A minor rise was seen above the $20,000. It rose above 23.6% Fib level for the downmove from $20.865 swing high, to $20.060 low.

Bitcoin’s price currently trades below the $20,500 level and the simple moving index of 100 hours. Surprisingly, a resistance area is located near $20,350.

Near the $20,500 mark and the 100-hourly simple moving average is the first significant resistance. A crucial bearish trendline is also emerging with resistance close to $20,500 in the hourly charts of BTC/USD. Near the 50% Fib level of the decline from the $20.865 swing high, to the $20.060 low, the trend line.

Bitcoin Price

Source: BTCUSD from

An obvious move over the $20,500 resistance area could trigger another steady uptrend. Next major resistance will be near $21,000. If the price breaks that, it could possibly rise towards $22,000.

BTC: More losses

It could be relegated to the $20,000.500 zone if bitcoin does not break through. Support for the downside lies near the $20,000.

Near the $20,000 area or the most recent low, the next significant support will be found. Price could drop further below $20,000 if there is a clear break of that support. This would mean that the price might fall towards $19 200.

Technical indicators

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

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

Major Support Levels – $20,200, followed by $20,000.

Major Resistance Levels – $20,350, $20,500 and $21,000.

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