Bitcoin Price Remains Stable; Why Is a Close Above $20K Important?

Bitcoin is still holding the crucial $18,500 support level against the US dollar. To enter the positive zone, BTC must rise above the $20,000 resistance level. 

• Bitcoin is struggling to break through the $19,500 resistance level.

• The price is currently trading below $19,000 as well as the 100 hourly simple moving average.

• On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $19,020. (data feed from Kraken).

• If there is a clear move above the $19,500 resistance zone, the pair could stage a new rally.

The Bitcoin Price Is Consolidating

Bitcoin’s price made yet another attempt to break through the $19,500 resistance level. BTC, on the other hand, struggled and formed a short-term top near $19,400.

The price fell after reaching a high near $19,392. The price fell below $19,000 and the 100 hourly simple moving average. The pair has fallen as low as $18,645 and is now consolidating losses. Above $18,800, there was a minor increase.

The Bitcoin price has risen above the 23.6% Fib retracement level of the recent decline from the swing high of $19,392 to the low of $18,645. On the upside, the $19,000 level and the 100 hourly simple moving average act as immediate resistance.

On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $19,020. The trend line is close to the 50% Fib retracement level of the recent decline from the swing high of $19,392 to the low of $18,645.

The next major resistance level is around $19,500. A close above $19,500 could trigger a new rally to $20,000.If there are any more gains, the price may begin to rise steadily towards the $21,500 resistance zone.

Did the Bitcoin price fall?

If bitcoin does not recover above $19,500, it may begin a new decline. On the downside, there is immediate support near $18,650.

The next major support is around $18,500. A clear break below the $18,500 level could set the stage for a new decline. In the stated case, the price could even reach $17,500.

Indicators of technical significance

Hourly MACD: The MACD is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently just under 50.

Major Support Levels begin at $18,650 and progress to $18,500.

$19,000, $19,350, and $19,500 are the major resistance levels.