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Bitcoin price lacks momentum, but BTC holders are safe: Here’s why

Bitcoin price struggled to clear the $20,000 resistance zone against the US Dollar. BTC could fall, but key support awaits near the $18,900 zone.

  • Bitcoin failed to gain momentum for a move above the $20,000 resistance zone.
  • The price is trading below $19,400 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $19,250 on the hourly chart of the BTC/USD pair (data feed by Kraken).
  • The pair could move further lower to test the $18,900 support zone in the near term.

Bitcoin price trims gains

Bitcoin price attempted a decent climb above the $19,500 resistance zone. BTC even scaled above the $19,800 level, but the bears have been active near the $20,000 resistance zone.

The price traded as low as $19,939 before staging a fresh decline. There was a drop below the $19,500 and $19,400 levels. The bears even pushed the price below the 50% Fib retracement level of the bullish move from the $18,271 low to the $19,939 high.

Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $19,250 on the hourly chart of the BTC/USD pair.

On the upside, there is an immediate resistance near $19,220. The first major resistance is near $19,250 and the trend line. A clear move above the trendline resistance could pump the price towards the $19,500 resistance zone.

Source: BTCUSD on TradingView.com

The main resistance is still near the $20,000 zone. Any further gains could trigger a steady rise towards the $21,200 resistance zone.

Dips Limited to BTC?

If bitcoin fails to scale above the $19,250 resistance zone, it could continue lower. Immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,900 zone. It is near the 61.8% Fib retracement level of the move up from the $18,271 low to $19,939 high. A downside break below the $18,900 support zone could increase selling pressures. In the mentioned case, the price could drop towards the $18,500 support zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Key Support Levels – $19,000 followed by $18,900.

Major resistance levels – $19,250, $19,500 and $20,000.

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