Bitcoin Upward Trendline Breakout – Strong US Dollar In Play
Bitcoin price has remained supported and could see another rise above the $20,500 resistance level. Following the Fed rate hike, the price
Bitcoin price has remained supported and could see another rise above the $20,500 resistance level. Following the Fed rate hike, the price of bitcoin fell a few points against the US dollar.
Bitcoin price failed to generate momentum for a break above the $20,650 barrier level. After the Fed raised interest rates by 0.75 percentage points, Bitcoin fell below $20,400.
The price fell below the $20,250 support level and moved toward the $20,000 mark. A bottom near $20,059 was formed, and the price gradually corrected losses. The price rose above the $20,250 mark.
The price rose over the 23.6% Fib retracement level of the recent slide from the swing high of $20,864 to the low of $20,059
Bitcoin is trading below the $20,500 mark 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 $20,520.
On the upside, an immediate resistance level is near $20,370. The first significant barrier is located near the $20,450 level.
It is close to the recent slide’s 50% Fib retracement level from the swing high of $20,864 to the low of $20,059. The primary stumbling block is located at the trend line, $20,500, and the 100 hourly simple moving average.
A decisive break above the $20,500 level might increase the price.
Bitcoin (BTC/USD) Technical Outlook
The next significant resistance remains above $21,000, and the price may rise steadily. If bitcoin fails to break above the $20,500 resistance level, it may continue its downward trend. On the downside, there is immediate support near the $20,200 level.
The next big support level is around $20,050. The main support is now near $20,000, below which a significant collapse is possible. In this instance, the price may fall near the $19,200 mark.
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