Bitcoin price traded to a new weekly low before reversing losses against the US Dollar. BTC broke $19,500 and might rise further towards $20,500. Bitcoin is up nearly 5% and there was a clear move above the $19,500 resistance zone. The price is trading below above $19,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is showing bullish signs and might extend gains above $20,000. Bitcoin Price Starts Fresh Rally Bitcoin price extended losses below the $19,000 support zone. Yesterday, the US CPI data was released, which posted an increase of 8.2%. It pushed BTC price below the $18,500 support zone. The bears gained strength and the price dived to the $18,200 support zone. However, the bears failed to push the price further lower. A low was formed near $18,142 and there was a strong bullish reaction. The price gained bullish momentum and climbed above the $19,000 level. Bitcoin price cleared the 50% Fib retracement level of the downward move from the $20,443 swing high to $18,142 low. Besides, there was a break above a major bearish trend line with resistance near $19,150 on the hourly chart of the BTC/USD pair. The price is now trading below above $19,500 and the 100 hourly simple moving average. It is trading near the 76.4% Fib retracement level of the downward move from the $20,4...
