Bitcoin Retests $22,000 Resistance – Quick Daily Outlook
Bitcoin gained momentum and surpassed the $22,000 resistance level versus the US dollar. BTC reverses gains, although declines may be restricted to around $21,500. BITCOIN was able to clear the $21,200 and $21,500 resistance levels. The price is presently trading above the $21,500 mark and the 100 hourly simple moving average (SMA ).
On the hourly timeframe of the BTC/USD pair, a key bullish trend line is forming with support near $21,600. Gains are being corrected, but dips may be limited below the $21,500 level.
Bitcoin Price Restarts Rally
Bitcoin’s price remained well above $20,000 and began a new upward trend. The price broke through the $21,000 and $21,200 barrier levels. The price broke through the $21,500 barrier level and surged above the $22,000 level. A high was made near $22,347, and the price has recently begun to fall. The price fell below the $22,000 and $21,850 mark.
Bitcoin dropped below the 23.6% Fib retracement level of the latest rise from the swing low of $21,180 to the high of $22,347. It is presently trading above the $21,500 mark and the 100 hourly simple moving average. Furthermore, on the hourly chart of the BTC/USD pair, a strong bullish trend line is emerging with support near $21,600.
On the upside, an immediate resistance level is near $22,000. The next major resistance is located near the $22,350 level. A decisive break above the $22,350 resistance level could signal the start of another steady rise. In the aforementioned situation, the price may jump to $22,800. Any further advances might push the price to the $23,200 resistance level.
Bitcoin to Gain Support at $21,700
If bitcoin fails to break through the $22,000 barrier, it may begin a downward trend. On the downside, there is immediate support near the $21,700 level.
The 50% Fib retracement level of the latest advance from the swing low of $21,180 to the high of $22,347 is also near $21,700. Near the $21,600 mark, the first substantial support is formed. If the price falls below the $21,600 level, it may move towards the $21,200 level as support. Good luck!
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