TA: Bitcoin Consolidates Near Key Juncture, Can The Bulls Make It

021, Jun 2022

Bitcoin is struggling near the $21,000 resistance zone against the US Dollar. BTC could rally if it clears the $20,900 and $21,000 resistance levels.

Bitcoin is showing a few positive signs above the $20,000 support. The price is now still above the $20,000 level and the 100 hourly simple moving average.

There is a connecting bullish trend line forming with support near $20,275 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh decline if it stays below the key $21,000 resistance zone.


Trade With Our Recommended Broker - AssetsFX


Bitcoin Price Eyes Upside Break

Bitcoin price started an upside correction after it traded as low as $17,600. There was a decent recovery wave above the $18,500 and $19,000 levels.

The price surpassed the 50% Fib retracement level of the main drop from the $22,951 high to $17,600 low.

The price even cleared the $20,000 level and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $20,275 on the hourly chart of the BTC/USD pair.

However, the bears are now defending major gains above the $20,500 zone.

Bitcoin is also struggling near the 61.8% Fib retracement level of the main drop from the $22,951 high to $17,600 low. An immediate resistance on the upside is near the $20,800 level.

The first major resistance is near the $20,900 and $21,000 levels. A clear move above the $21,000 level could even push the price towards $21,800. Any more gains might send the price towards the $22,200 level in the coming sessions.

Fresh Decline in BTC?

If bitcoin fails to clear the $21,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $20,275 level and the trend line.

ğŸŽ©Top THREE Award-Winning Brokers in 2022ğŸŽ©
LiteFinance | IC Markets | Avatrade


The next major support is near the $20,000 level and the 100 hourly SMA. A downside break below the $20,000 support could spark another decline. In the stated case, the price could test $18,800.

Technical indicators:

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 – $20,275, followed by $20,000.
Major Resistance Levels – $20,900, $21,000 and $22,000. - newsbtc

Hot Topics


Bukele: Bitcoin Investment Safe, Value To Immensely Grow After Bear Market


Bitcoin Supply In Loss Reaches 50% As BTC Drops Below $20k


Elon Musk Advances Support For An Integrated Payment System On Twitter That Supports Cryptocurrencies