Bitcoin Price Faces Key Challenge and At Risk of Downside Correction

Bitcoin value is going through a significant hurdle close to the $21,500 zone. BTC might right decrease if there’s a clear transfer under the $20,500 assist zone.

• Bitcoin appears to be going through a significant problem close to the $21,450 and $21,500 ranges.
• The value is buying and selling above $20,600 and the 100 hourly easy shifting common.
• There was a break under a significant bullish development line with assist close to $21,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin a draw back correction under the $20,800 and $20,500 assist ranges.

Bitcoin Worth Retains Struggling

Bitcoin value tried an upside break above the $21,500 resistance zone. Nonetheless, BTC failed to realize tempo above the $21,500 zone. A excessive was shaped close to $21,679 and the worth is now slowly shifting decrease.

There was a break under the $21,250 degree. The value declined under the 23.6% Fib retracement degree of the latest enhance from the $20,620 swing low to $21,679 excessive. There was a break under a significant bullish development line with assist close to $21,100 on the hourly chart of the BTC/USD pair.

Bitcoin value is now buying and selling above $20,600 and the 100 hourly easy shifting common. If there may be one other upside break try, an instantaneous resistance is close to the $21,450 degree. The subsequent main resistance is close to the $21,500 zone, above which the worth may acquire bullish momentum.

Supply: BTCUSD on TradingView.com

Within the acknowledged case, the worth might maybe rise in direction of the $21,800 degree. Any extra beneficial properties may ship btc value in direction of the $22,000 degree.

Draw back Correction in BTC?

If bitcoin value fails to clear the $21,500 resistance, it might proceed to maneuver down. A right away assist on the draw back is close to the $21,100 zone.

The subsequent main assist is close to the $20,900 zone and the 100 hourly SMA. It’s close to the 61.8% Fib retracement degree of the latest enhance from the $20,620 swing low to $21,679 excessive. The principle assist is now forming close to the $20,500 degree, under which the worth may speed up decrease in direction of $20,000. Any extra losses may ship the worth to $19,500.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 degree.

Main Help Ranges – $20,900, adopted by $20,500.

Main Resistance Ranges – $21,450, $21,500 and $22,000.