Bitcoin started a decent increase above the $20,000 resistance against the US Dollar. BTC is trading above $20,500 and eying more gains towards the $22,000 level.
- Bitcoin is slowly moving higher above the $20,000 resistance zone.
- The price is now trading above the $20,200 level and testing the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might gain bullish momentum if it clears the $20,750 and $21,000 levels.
Bitcoin Price Gains Momentum
Bitcoin price formed a base above the $19,000 level and started a decent increase. The price traded above the $20,000 resistance zone to move into a positive zone. There was a clear move above the 23.6% Fib retracement level of the downward move from the $22,500 swing high to $18,916 low. At first, the price saw a rejection near the $20,500 level. However, the bulls were active near the $19,600 level.Source:A close above the $21,000 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $21,650 level. The next major resistance sits near the $22,000 level.