Bitcoin Price Just Saw Technical Correction, Why BTC Could Rise Again

Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC is stable above $20,000 and might start a fresh increase. Bitcoin is holding gains above the $20,000 and $20,200 levels. The price is trading above $20,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $20,440 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another upward move if there is a clear move above the $20,500 resistance. Bitcoin Price Reaches Key Support Bitcoin price started a fresh increase above the $20,000 and $20,500 resistance levels. BTC even traded above the $20,800 level and tested the $21,000 resistance zone. A high was formed near $21,021 before there was a downside correction. The price declined below the $20,800 and $20,500 levels. It even broke the 23.6% Fib retracement level of the key increase from the $19,266 swing low to $21,021 high. Bitcoin price is now trading above $20,000 and the 100 hourly simple moving average. It seems to be holding gains above the $20,000 and $20,200 levels. The price also tested the 50% Fib retracement level of the key increase from the $19,266 swing low to $21,021 high. On the upside, an immediate resistance is near the $20,400 zone. There is also a key bearish trend line forming with resistance near $20,440 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The first ma...