Bitcoin is displaying negative indicators versus the US Dollar below the $20,000 support level. BTC might go much farther below the $19,500 support level. BITCOIN began a new drop and traded below the $20,000 support level.

The price currently trades below $20,200 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $20,050.

If the pair falls through the $19,500 support level, a significant slide might begin.

Bitcoin’s Technical Outlook

The bitcoin price tried to make a comeback wave over the $20,300 barrier mark. However, no upward break occurred, and the price stayed in a negative zone below $20,500. Ethereum saw a significant negative response below the $1,500 support level. As a result, BTC fell a few points below the $20,000 support level. It even fell below $19,600 and challenged the $19,500 support level. The price has produced a bottom at $19,509 and is presently consolidating losses. Bitcoin is trading below the $20,200 mark and the 100 hourly simple moving average.

On the upside, the $20,000 level represents an immediate hurdle. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $20,050. Furthermore, the trend line is slightly above the 23.6% Fib retracement level of the major slide from the $22,790 swing high to the $19,509 low.

The next key barrier is located at the $21,000 mark and the 100 hourly simple moving average. It corresponds to the main slide’s 50% Fib retracement level from the swing high of $22,790 to the low of $19,509.

A close above the $21,000 barrier level might spark a new upward trend. In the mentioned situation, the price might grow to $21,400. However, further advances might push the price to the $22,000 barrier level.

What If BTC Breaks Below $19,500?

If Bitcoin fails to initiate a rebound wave over the $20,000 resistance level, it may continue to fall. On the downside, there is immediate support at $19,500.

The next significant support level is likely to be $19,200. A decisive break below the $19,500 and $19,200 levels might pave the way for a move towards the $18,500 level.