Bitcoin Price Breakout Looks Real, and BTC Could Attract More Buyers

Key Takeaways:

  • Bitcoin price started a strong increase above the $20,000 resistance zone.
  • BTC/USD cleared a key bearish trend line with resistance near $19,800 on the daily chart.
  • The price is showing bullish signs and might rise further above $21,500.
Bitcoin Price Breakout Looks Real and BTC Could Attract More Buyers
Bitcoin Price Breakout Looks Real and BTC Could Attract More Buyers

Bitcoin price is gaining pace above the $20,000 resistance. BTC/USD could rise further if there is a close above the $21,500 resistance zone.

Bitcoin Price Surges Past $20K

After forming a base above the $17,000 level, the bitcoin price increased. The BTC/USD pair gained pace and cleared a few key hurdles near $18,000 and $19,000.

In the past 2-3 days, there was a bullish expansion above the $19,500 resistance. It also raised the market sentiment for Ethereum, Solana, Cardano, and XRP. On the other hand, BTC price also cleared a key bearish trend line with resistance near $19,800 on the daily chart.

Bitcoin price daily chart
Bitcoin price daily chart | Source: BTCUSD on TradingView.com

The bulls even pumped the price above the $20,000 resistance zone. It tested the next major hurdle near $21,350 and $21,500. A high is around $21,378, and the price is now consolidating gains.

Immediate support is near the $20,200 level. It is near the 23.6% Fib retracement level of the upward move from the $16,358 swing low to the $21,378 high. The first major support is near the $19,800 level and the broken trend line.

The main support is now forming near the $18,850 level or the 50% Fib retracement level of the upward move from the $16,358 swing low to the $21,378 high, below which the price could gain bearish momentum.

In the stated case, the price may test the $17,500 support and the 50-day simple moving average (blue). Any more losses might open the doors for a drop toward the $16,000 level.

Conversely, the price might increase above the $21,200 level. On the upside, immediate resistance is near the $21,350 level. The next key resistance might be near the $21,500 level. Finally, a close above the $21,500 level might send the price toward the $23,200 resistance zone.

Any more gains might push the price above the $24,000 resistance zone. The price might rise towards the $25,000 resistance in the stated case.

The bitcoin price shows many bullish signs above the $20,000 level. However, the current daily chart points towards a short-term downside correction before a move above the $21,350 resistance. Conversely, the price may decline toward the $18,800 support.

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bitcoin, Bitcoin Price Breakout Looks Real, and BTC Could Attract More Buyers

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