TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,217,017,121,870	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,217,017,121,870

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	2,689.69	4.55%	61,810.89	61,810.88	61,810.89

Price Change

Price Change %

Current Price

Bid Price

Offer

2,689.69

4.55%

61,810.89

61,810.88

61,810.89

High Price	Low Price	Open Price	Prev. Close	52 Week Range
62,205.52	58,821.05	59,076.58	59,121.20	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

62,205.52

58,821.05

59,076.58

59,121.20

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	19:19:28	0.001000	61,810.89	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

19:19:28

0.001000

61,810.89

USD

Price x Volume	Volume	Base Symbol	Related Pairs
923,132,124.94	15,201.44	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

923,132,124.94

15,201.44

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

01/07/2022 4:08am

NEWSBTC

Bitcoin declined towards the $18,500 support zone against the US Dollar. BTC recovered sharply, but the bears are still active near the $20,500 and $20,650 levels. Bitcoin climbed higher sharply after there was a test of the $18,500 zone. The price is now trading above the $20,000 level and near the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline unless there is a move above the $20,500 resistance zone. Bitcoin Price Eyes Upside Break Bitcoin price started another decline below the $20,000 support zone. The price even traded below the $19,200 support zone and spiked below the $18,800 level. There was a test of the $18,600 zone and the price traded as low as $18,617. Recently, there was a sharp upward move and the price climbed above the $19,500 resistance. There was a move above the 50% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. However, the price is now facing a strong resistance near the $20,500 zone and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the key drop from the $21,697 swing high to $18,617 low. An immediate resistance on the upside is near the $20,500 level. Source: BTCUSD on TradingView.com The next key resistance is near the $20,950 zone. A clear move above the trend line resistance and then $20,950 could push the price further higher. In the stated case, the price could rise towards the $21,650 level. The next major resistance sits near the $22,500 level. Fresh Decline in BTC? If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $20,000 level. The next major support now sits near the $19,800 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $18,500 level. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $20,000, followed by $19,800. Major Resistance Levels – $20,500, $20,950 and $21,650.

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