• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
Sensei Inu Logo

TA: Bitcoin Price Trims Gains, Why $20K Is The Key To Fresh Increase

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read

Bitcoin started a sharp downside correction below the $22,000 level against the US Dollar. BTC must stay above the $20,000 support to avoid more losses.

  • Bitcoin failed to clear $22,750 and started a sharp downward move.
  • The price is now trading below $21,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $21,810 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is consolidating above the $20,000 level, with a minor bullish angle.

Bitcoin Price Dives To $20K

Bitcoin price attempted to gain strength above the $22,000 and $22,500 resistance levels. The price even spiked above the $22,750 resistance zone and the 100 hourly simple moving average.

However, the price failed to gain strength and topped near the $22,768 level. As a result, there was a bearish wave below the $22,000 and $21,500 levels. There was also a move below the $21,000 level and the 100 hourly simple moving average.

Besides, there was a break below a key bullish trend line with support near $21,810 on the hourly chart of the BTC/USD pair. Bitcoin price even tested the $20,000 zone. A low is formed near $19,921 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $20,600 level. It is near the 23.6% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance sits near the $21,350 level. It coincides with the 50% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low. A close above the $21,350 resistance might start a fresh surge. In the stated case, the price may perhaps rise towards $22,000. Any more gains might send the price towards the $22,500 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $21,350 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,000 zone.

The next major support is near the $19,500 and $19,400 levels. A downside break below the $19,400 level might send the price towards the $18,500 support.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering from the oversold levels.

Major Support Levels – $20,000, followed by $19,400.

Major Resistance Levels – $20,600, $21,000 and $21,350.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

Bitcoin

Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $27.5K

14 hours ago
Bitcoin

Bitcoin Price Close Above $27,500 Could Spark Larger Degree Rally

2 days ago
Bitcoin

Bitcoin Price Sees Technical Correction, Here’s What Could Propel It Back To $28K

3 days ago
Bitcoin

Bitcoin Price Holds Strong At 100 SMA – A Strengthening Case For Upside

4 days ago
Bitcoin

Bitcoin Forecast: Analyst Who Predicted 2022 Bottom Unveils New Long Positions For BTC

6 days ago
Bitcoin

Bitcoin Bulls Keep Pushing And Its Good Signs of A Fresh Rally

7 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Bitcoin Spark Drives Home Solana Killer Narrative Raising...

    1 hour ago
  • Shiba Inu, Bone ShibaSwap or Kangamoon: Which Meme Coin Can...

    3 hours ago
  • Top Three Must-Have Tokens for Investors In 2023 –...

    3 hours ago
  • Are BNB (BNB) and UNUS SED LEO (LEO) Preparing for a Rally?...

    3 hours ago
  • VC Spectra (SPCT): The Pioneering Project Taking on...

    5 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.