Bitcoin price started a downside correction below $20,500 against the US Dollar. BTC could start a fresh surge if it clears the 100 hourly SMA and then $21,000.
- Bitcoin is recovering losses from the $20,250 support zone.
- The price is trading below $20,700 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $20,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another upward move if it clears the 100 hourly SMA and then $21,000.
Bitcoin Price Remains Supported
Bitcoin price started a downside correction after it failed to surpass the $21,000 resistance zone. BTC corrected lower below the $20,600 and $20,500 levels.
The decline gained pace below the $20,500 level and the 100 hourly simple moving average. However, the bulls were active near the $20,250 level. A low was formed near $20,250 and the price started a steady upward move. There was a wave above the $20,400 and $20,500 levels.
Bitcoin price climbed above the 23.6% Fib retracement level of the…