Bitcoin Price Eyes Fresh Upside Break After Fed Interest Rate Hike

Bitcoin price dipped a few points against the US Dollar after the fed rate hike. BTC remained supported and might eye a fresh increase above the $20,500 resistance. Bitcoin corrected further lower and tested the $20,000 support zone. The price is trading below $20,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could a fresh increase if it clears the 100 hourly SMA and $20,500. Bitcoin Price Dips Further Bitcoin price struggled to gain pace for a move above the $20,650 resistance. BTC reacted to the downside and traded below the $20,400 level after the fed rate hike of 0.75 bps. The price declined below the $20,250 support level and traded close to the $20,000 level. A low was formed near $20,059 and the price is now correcting losses. There was a move above the $20,250 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,864 swing high to $20,059 low. Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $20,520 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $20,370 level. The first major resistance sits near the $20,450 level. It is near the 50% Fib retracement level of the recent decline from t...