Bitcoin could offer interim bullish opportunities as BTC holds key support

This past week, the bitcoin price faced rejection near the $22,000 resistance zone. BTC/USD is now showing signs of another recovery but faces many hurdles.

Key Findings:

• Bitcoin price was able to clear a key hurdle near $19,500.
• BTC/USD surpassed a connecting bearish trend line with resistance near $19,450 on the 4-hours chart.
• The pair could start a recovery wave if there is a clear move above the $20,000 resistance.

Bitcoin Price Eyes Recovery

This past week, the bitcoin price attempted a recovery wave above the $21,000 level against the US Dollar. The BTC/USD pair broke the $21,500 resistance zone and the 50 simple moving average (4 hours, blue).

However, the bears were active near the $22,000 resistance zone (a multi-touch zone). A high was formed near $22,020, and the price started a fresh decline. There was a sharp move below the $21,000 level and the $20,000 support.

A low was formed near $18,638, and the price is now correcting losses. There was a move above the $19,250 resistance zone. Besides, there was a clear move above a connecting bearish trend line with resistance near $19,450 on the 4-hours chart.

BTC/USD climbed above the 23.6% Fib retracement level of the key drop from the $22,020 high to the $18,638 low. The price faces a major resistance near the $20,000 zone and the 50 simple moving average (4 hours, blue).

A clear move above the $20,000 resistance could send the price towards the $20,350 resistance. It is near the key drop’s 50% Fib retracement level from the $22,020 high to the $18,638 low.

Any more gains might open the doors for a move towards the $21,550 resistance. The next resistance is near the $22,000 zone and the last swing high. If there are more upsides, the bulls are likely to aim for a test of the $24,000 since it is close to the 1.236 Fib extension level of the key drop from the $22,020 high to $18,638 low.

Conversely, BTC’s price might fail to clear the $20,000 resistance zone or $20,350. In the mentioned case, the price could restart its decline and revisit $18,650. The next major support is near $17,650, below which the price could accelerate lower towards the $16,750 support zone.

The bitcoin price shows a few signs of a recovery wave if there is a clear move above the $20,000 resistance zone and the 50 simple moving average (4 hours, blue).