Bitcoin extended losses below the $21,000 support against the US Dollar. BTC is consolidating and any upside could face hurdles near $21,500.
- Bitcoin remained in a bearish zone and traded below the $21,000 level.
- The price is now trading below the $21,500 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $21,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could turn more correct but the upside could be limited above $21,500.
Bitcoin price remains in a bearish zone
Bitcoin price remained in a bearish zone after settling down below the $22,000 support area. It briefly consolidated near the $21,000 area before taking more losses. The price declined below the $21,000 level but the decline was limited. A low is formed near $20,750 and the price is now consolidating losses. It is now trading below the $21,500 level and the 100 hourly simple moving average. There was a minor upside break above the $21,000 level. The price cleared the 23.6% Fib retracement level of the recent decline from the $22,250 high to $20,750 low. On the upside, bitcoin price may face resistance near the $21,500 level. It is near the 50% Fib retracement level of the recent decline from the $22,250 high to $20,750 low. The next major resistance is near the $21,650 area. There is also a major bearish trend line forming with resistance near $21,650 on the hourly chart of the BTC/USD pair.Source: BTCUSD on TradingView.comA decent upward move could be set above the $21,650 resistance area. In this case, the price is likely to rise towards the $22,000 level. The next major resistance is near the $22,500 level.