Bitcoin Price Climbs And Awaits US NFP Report For The Next Rally

Key Takeaways:

  • Bitcoin price started a fresh increase after it revisited the $20,000 support.
  • BTC/USD broke a major contracting triangle with resistance near $20,300 on the 4-hours chart.
  • The price could rally if there is a clear move above the $20,700 resistance.
Bitcoin Price Climbs And Awaits US NFP Report For The Next Rally
Bitcoin Price Eyes More Upsides | Photo by Jeremy Bezanger on Unsplash

Bitcoin price is climbing higher above the $20,500 level. BTC/USD bulls await the US NFP release for the next upward move in the near term.

Bitcoin Price Eyes More Upsides

After a strong rally, bitcoin price faced sellers near the $21,000 zone. The BTC/USD pair traded as high as $21,091 before there was a downside correction, similar to ethereum.

The price traded below the $20,500 support zone and the 50 simple moving average (4-hours, blue). There was even a spike below the $20,200 level. However, the bulls were active near the $20,000 support zone. A low was formed near $20,052 and the price started a fresh increase.

Bitcoin BTC/USD price 4-hours chart
Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com

The price climbed above the $20,400 and $20,500 resistance levels. There was a move above the 50% Fib retracement level of the downside correction from the $21,091 swing high to $20,052 low.

The price is now trading above the $20,600 level and the 50 simple moving average (4-hours, blue). On the upside, an immediate resistance is near the $20,700. It is near the 61.8% Fib retracement level of the downside correction from the $21,091 swing high to $20,052 low.

The next major resistance is near the $21,000 zone. A clear move above the $21,000 level might start a fresh rally. In the stated case, the price could rise steadily towards the $22,000 resistance. Any more gains could set the pace for a test of the $22,500 resistance.

The next major resistance sits near the $23,200 level. If there is no upside break above $21,000, the price could decline again. The first major support is near the $20,550 and $20,500 levels.

The next substantial and crucial support sits near the $20,220 level. The main breakdown support is now forming near the $20,000 level. A clear move below the $20,000 support could push the price into a bearish zone. In the stated case, the price may perhaps decline towards the $19,250 zone.

Overall, bitcoin price is climbing higher from the $20,000 support. A close above the $21,000 level could pump the price towards $22,000 or even $22,500. Conversely, the price might start a fresh decline towards the $20,000 support.

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