Bitcoin saw a significant buying interest of $18,500, which is close to the US Dollar. BTC is currently recovering, and it could experience a further increase beyond the $20,000 threshold.
- Bitcoin was stable, and bulls protected $18,500 as support.
- The price traded above $19,000, and the simple moving average is 100 hours.
- A short-term channel is developing with support at $19,280 (data feed Kraken).
- A clear move above $19650 could trigger a rally.
Bitcoin Price Holds Key Support
Bitcoin’s price dropped significantly after it was well above $20,000 pivot. BTC declined below $19,000 but bulls were active in the $18,500 support area.
There are several rejections in the same vicinity, and it seems that the price has been well supported around $18,500. It is currently rising, and the price moved above the $19,000 resistance level. Bulls drove the price higher than the 50% Fib Retracement level, which is the bottom of the downmove from the $18,383 swing high and the $20,000.87 low.
Bitcoin’s price has risen to $19,000, which is above its 100-hourly moving average. On the hourly charts of BTC/USD, there is a channel that forms with support close to $19280.
The $19,600 mark is the immediate resistance. Near the $19,650 level is the next significant resistance. This is near the $19,650 zone.
Source: BTCUSD from TradingView.com
An increase of $19,650 or more could trigger a new price rise. If this happens, then the price might rise towards 20,000. If the gains continue, the price might rise to $20,000.
BTC’s Decline Continues
It could see a fresh drop if bitcoin does not recover from the $19650 resistance zone. Support for the downside lies near the $19280 zone and the channel trends line.
Near the $19,200 area and the 100 hourly SMA is the next support. Support is close to $19,000. In the next sessions, any further losses could lead to a fall towards $18,500.
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 – $19,650, $20,000 and $20,500.