Bitcoin price continued to decline and reached $21,000. Currently, the price is having a correction and is facing resistance at $21,500. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC is still in the red zone and has lost the $21,000 support level.
- Currently, the price is below $21,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance at $21,650.
- While BTC may make a recovery attempt, the sellers are likely to take back control above $21,500.
Bitcoin Price Action Analysis
Bitcoin lost the $22,000 support level and remained in the red zone. Following that, it consolidated below $21,000 for a while and lost this support level. The lowest recorded price is at $20,750. At this point, BTC is making an attempt for recovery and is trading below $21,000. The 1-hour candles are also below the SMA100. With the recovery, BTC took back the $21,000 level and penetrated the 23.6% Fibonacci retracement level from the latest fall from $22,250 to $20,750.
The first resistance level for BTC is at $21,500 which is near the 50% Fibonacci retracement level. After that, the $21,650 will be net and on the 1-hour chart we see a new trendline forming with resistance at $21,650. Closing above $21,650 would pave the way to have a new rally. In that case, the price would approach $22,000. Furthermore, the $22,500 is the next key resistance level at that point.
On the other hand, if Bitcoin price fails to have a successful recovery above $21,500, the downtrend will likely continue. For this scenario, the first support level is at $21,000. Subsequently, the $20,750 and $20,500 are the next support level for the price. Closing below $21,500 will push BTC toward $20,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $21,500, $21,650 and $22,000 are crucial resistance levels for BTC.
Support levels: The $21,000 and $20,750 are currently the key support levels for the price.
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