Bitcoin (BTC) Prunes Gains; Why 100SMA Might Catalyze New Upsurge

  • BTC climbed beyond $21.5K before encountering sellers.
  • The price hovers beyond $20K and the 100hr Simple Moving Average.
  • Also, the 1hr timeframe shows a break under a bullish trend-line with $21,175 support.
  • BTC might secure bids around $20K or the 100Hr Simple Moving Average.

Bitcoin struggled to overcome the resistance at $21,500. The leading crypto trims its latest gains and could secure footing around the 100 hourly Simple Moving Average.

BTC Dips Again

Bitcoin launched upside movements beyond the hurdle at $20K. The crypto saw a decent upward wave beyond $20.2K and $20.5K. Moreover, the prices surged above the 61.8% Fibonacci retracement mark of the decline from $22,950 to $17.6K. Finally, BTC climbed past the resistance at $21K to steady beyond the 100hr SMA.

Nevertheless, bears remained active beyond $21.5K. It formed a high of around $21,698 and launched downside actions. BTC/USD saw a break under the 23.6% Fibonacci retracement of the upswing between $17.6K and $21,698. Furthermore, the 1hr timeframe reveals a move beneath a crucial bullish line with support at $21,175.

For now, Bitcoin trades beneath $21K. The nearest resistance to the upside stands at $20,550. Meanwhile, initial massive hurdles will emerge at $21K and $21,220. A decisive move past $21,220 could see Bitcoin moving towards $21,700. Further gains will send the bellwether crypto to $22.2K in the upcoming sessions.

More BTC Downside?

Bitcoin might continue dropping if it fails to overcome the resistance at $21,220. The leading crypto will secure the nearest downside support around $20K and 100hr SMA. Another foothold would showcase at $19,650. This value area sits near the 50% Fibonacci retracement of the upswing from $17.6K to $21,698. A downward break under the foothold at $19,650 might kick-start a near-term downtrend.

Bitcoin’s upcoming price movements would depend on its reactions around the $20K mark. For now, bears seem prepared to halt upside actions. That can mean a downside path for the crypto market. Bulls need massive momentum plus increased volumes to support more BTC upside.

What are your opinions about BTC’s recent downtick? Will the asset recover? Feel free to leave a comment in the reply section below.

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