After several days of recovery, the price of Bitcoin changed direction. After the price of Bitcoin encountered resistance at around 21,800, it began to descend. On the 1-hour chart, the BTC/USD pair fell below 21,000 and rushed towards 20,000. However, the bulls managed to keep the BTC price above 20,500 and bring it back to the 21,000 area. At the time of publication, the BTC/USD pair is trading near 21,000.
As a result of the price decline, a downtrend line has begun to form on the 1-hour chart, which limits the BTC/USD pair in the 21,100 area. If the BTC/USD pair holds above 21,000, it will quickly overcome this resistance level and rise to the 21,250 area. Next, the BTC/USD pair will collide with resistance in the 21,500 area. Moving above this level will increase the chances of bulls pushing the price of Bitcoin above the previous resistance of around 21,800. A successful break of 21,800 will allow the BTC/USD pair to rise above 22,000.
If the bears send Bitcoin below 21,000, we will see a decline to the 20,600 area. Moving below this level will allow BTC/USD to drop to the 20,000 support area. A break below this level will send the pair to 19,000.
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