Bitcoin is still consolidating near the $20,000 zone against the US Dollar. BTC must clear the $20,550 resistance zone to start a steady increase. Bitcoin is still struggling to gain pace above the $20,550 resistance. The price is now trading near the $20,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $20,330 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $20,350 zone and $20,550 to start a fresh increase. Bitcoin Price Faces Hurdles Bitcoin price remained well supported above the $19,550 zone. BTC formed a base and started a fresh upward move above the $20,000 resistance zone. There was a push above the $20,200 level and the 100 hourly simple moving average. The price even cleared the 61.8% Fib retracement level of the downward move from the $20,576 swing high to $19,555 low. However, the price stayed below the $20,550 resistance zone. Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level. There is also a key bearish trend line forming with resistance near $20,330 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the downward move from the $20,576 swing high to $19,555 low. Source: BTCUSD on TradingView.com The next major resistance sits near the $20,550 and $20,575 ...
