TA: Bitcoin Price Lacks Momentum Above $20K, But Dips Likely To Be Limited

Bitcoin is struggling to gain momentum above $20,000 against the US Dollar. BTC could rise steadily if there is a clear move above the $20,200 resistance zone. Bitcoin is stuck near the $20,000 zone and trading below the $20,550 resistance. The price is now trading near the $20,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if it clears the $20,200 zone and $20,550 resistance levels. Bitcoin Price Stuck Near $20K Bitcoin price traded in a range and remained well supported above the $19,550 zone. BTC also struggled to clear the $20,500 resistance zone. Recently, there was a fresh drop below the $20,000 level. However, the bulls were active near the $19,500 zone. A low was formed near $19,560 and the price started a decent increase. There was a move above the $19,800 and $20,000 levels. The bulls pushed the price above the 50% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low. Bitcoin price is now trading near the $20,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,125 level. It is near the 61.8% Fib retracement level of the recent decline from the $20,473 swing high to $19,560 low. There is also a major bearish trend line forming with resistance near $20,...