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Bitcoin Price Lacking Momentum Above $21k, BTC Holders Are Safe: Here’s Why

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Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC could start a fresh increase if it remains stable above the $20,000 support.

  • Bitcoin is slowly moving lower from the $21,000 resistance zone.
  • The price is trading below $20,500 and the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another upward move if it stays above the $20,000 support zone.

Bitcoin Price Starts Downside Correction

Bitcoin price made another attempt to clear the $21,000 resistance zone. However, BTC failed to gain momentum above the $21,000 resistance zone.

A high was formed near $21,074 and the price started a fresh downside correction. There was a move below the $20,600 and $20,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high.

Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average. There is…

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