Bitcoin Price Consolidates Below Resistance and At Risk of Minor Pullback

Jan 17, 2023 04:00 am Cryptocurrency 136

Bitcoin price is facing resistance near the $21,500 zone. BTC could correct lower if there is a clear move below the $20,880 support zone.

Bitcoin seems to be facing a strong resistance near the $21,450 and $21,500 levels.

The price is trading above $20,500 and the 100 hourly simple moving average.

There is a key bullish trend line forming with support near $20,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a downside correction below the $20,880 and $20,750 support levels.

Bitcoin Price Faces Resistance

Bitcoin price started a strong increase above the $20,000 resistance zone. BTC was able to climb above the $20,500 and $21,000 levels to start a major uptrend.

Finally, the price tested the $21,500 resistance zone. A high is formed near $21,485 and the price is now consolidating gains. There was a minor decline below the $21,200 level. The price declined below the 23.6% Fib retracement level of the ..

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