Bitcoin Rebounds Above $20,250 – Is It Going After $21,000 Today?

Bitcoin’s price has begun to fall below $20,500 against the US dollar. BTC might begin a new rally if it breaks through the 100 hourly SMA and then $21,000. Bitcoin’s price began to fall after failing to break through the $21,000 resistance level. BTC fell below the $20,600 and $20,500 marks.

The fall accelerated below $20,500 and the 100 hourly simple moving average. On the other hand, the bulls were active near the $20,250 mark. A low was created near $20,250, and the price began to rise steadily. Above the $20,400 and $20,500 levels, there was a wave.

The Bitcoin price rose over the 23.6% Fib retracement level of the decline from the swing high of $21,074 to the low of $20,250. On the upside, the 100 hourly simple moving average and the $20,600 zone provide immediate resistance.

The first significant resistance is located near the $20,700 level. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $20,680. The trend line is close to the 50% Fib retracement level of the decline from the swing high of $21,074 to the low of $20,250.

The next significant barrier is still around $21,000. A decisive break above the $21,000 barrier level might spark a new rise. In the aforementioned scenario, the price may move toward the $22,500 resistance zone.

Bitcoin (BTC/USD) Technical Outlook

If Bitcoin fails to break over the $20,700 resistance level, it may begin another downward trend. On the downside, there is immediate support near the $20,400 level.

The next big support level is around $20,250. The primary support level is $20,000, below which a greater drop is possible. In this instance, the price may fall near the $19,200 mark.