Bitcoin price loses momentum above $21,000, holders are safe

Bitcoin price has corrected downwards from $21,000. However, the asset is likely to start a fresh rise and it may sustain above the $20,000 level.


The market’s top crypto asset is slowly declining from the $21,000 resistance. It is currently trading at $20,498, below its 100 hourly simple moving average. A major descending channel is now forming with resistance at $20,700.

But Bitcoin kept trying to approach the $21,000 resistance area. However, it has failed to gather any strong momentum to retake the position. Faced with this decline, the $21,000 resistance level presents a new challenge for traders.

The last high made was at $21,074, from where the price resumed the decline. However, there is a slight move above the $20,600 and $20,500 areas.

Bitcoin bears are responsible for pushing the price of the asset below the 50% Fibonacci retracement zone. It rose from a low of $20,029 to $21.074.

Bitcoin is currently trading below $20,500, below the expected 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, there is also a major descending channel near $20,700.

The price is currently holding the support at $20,498, which is close to the 61.8% Fibonacci retracement area. It is also in an uptrend ranging from a low of $20,029 to a high of $21,074.

future possibilities

But if the price rises from this point, the first point of resistance will be met at $20,600. It will also be at the 100 hourly simple moving average.

However, the main resistance lies at $20,700 and the trendline of the channel. Therefore, as expected, the next major resistance will be near $21,000. If there is a decisive rise above $21,000, Bitcoin could make steady progress towards $22,000.

Any further increase would open the door for a test of $22,500. It could prove to be a formidable resistance point to overcome.

However, if Bitcoin fails to break above the $20,700 line, it may continue to decline. The first point of support on the downside path is $20,450.

The next major support line after that will be $20,200. From then on, the price of Bitcoin will reach $20,000. Any downside break below $20,000 could lead to a sharp drop in the asset in the near term. provides high-quality content exposure for cryptocurrency and blockchain companies and startups. To date, we have provided brand exposure to thousands of companies, and you can be one of them. All of our clients appreciate our value/pricing ratio. If you have any questions, please contact us: [email protected]. Cryptocurrencies and Crypto tokens are highly volatile, please do your own research before making any investment decisions. Certain posts on this site are guest posts or paid posts not written by our authors (i.e. Crypto Cable, sponsored articles and press release content) and the views expressed in these posts do not reflect the views of this site. Token Hell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the website. Read the full terms and conditions/disclaimer.

Source of information: compiled from TOKENHELL by 0x information.Copyright belongs to the author Shelly Melancon (Switzerland) and may not be reproduced without permission

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