Bitcoin Jumps 5%, Why BTC Could Offer Trade Openings On Dips

Bitcoin price gained and cleared the $19,500 resistance against US Dollar BTC is now facing resistance and may correct lower to $19,500 in the short term.

Bitcoin Jumps 5%, Why BTC Could Offer Trade Openings On Dips

The live Bitcoin price today is $19,747.64 with a 24-hour trading volume of $25,129,113,549.Bitcoin is up 1.47% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $376,896,966,801 USD. It has a circulating supply of 19,085,675 BTC coins and a max. supply of 21,000,000 BTC coins.

There was a move above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC/USD pair. the pair tested the $20,500 resistance zone and may correct it in the short term.

Bitcoin jumped above a key bearish trend line with resistance near $19,460 on the hourly chart of the BTC/USD pair. The price even broke the $20,000 resistance and settled above the 100 hourly simple moving average.

Bitcoin increased above the 76.4% Fib retracement level of the key drop from the $20,500 swing high to the $18,735 low. the bulls struggled to pump the price above the $20,500 resistance zone.

BTC is near $20,450 and the price is consolidating gains it is trading above the 23.6% retracement level of the recent increase from the $18,738 swing low to the $20,450 high. the price is facing resistance near the $20,450 and $20,500 levels.

Source: BTCUSD on TradingView.com

The $19,600 level or the 50% retracement level of the recent increase from the $18,738 swing low to $20,450 high below which the price could decline faster the price may drop to the $18,720 level.

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