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

Bitcoin declined from the $18,500 safe zone against the US dollar BTC is recovered sharply but the bears are still active near the $20,500 and $20650 levels.

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

The price is now trading over the $20,000 border and near the 100 hourly simple moving average. 

Bitcoin is showing bearish signs below the $21,000 and $20,500 levels.

There is a downtrend line starting with opposition near $20,400 on the hourly chart of the BTC/USD pair.

The pair could decline below the $19,800 zone Bitcoin was a test of the $18,600 zone and the price traded as low as $18,617 there was a sharp upward move and the price climbed above the $19,500 level. there was a move above the 50% Fib retracement level drop from the $21,697 high to the $18617 low.

Furthermore, the price is now facing a strong resistance approx $20,500 as well bearish trend line forming with a resistance of nearly $20,400 on the hourly chart of the BTC/USD pair.

Credit : BTCUSD on TradingView.com

if Bitcoin fails to the $20,500 level it could start another decline approx the $20,000 level.

Now bitcoin is near the $19,800 level below which the price could decline faster the price may decline $18,500 level.

Related : Khaby Lame is now Brand Ambassador of Binance