Bitcoin Price Stuck In Range, Why BTC Is Still At Major Risk of Breakdown

Bitcoin is struggling to settle above $20,500 against the US Dollar. BTC could decline heavily if there is a clear move below the $19,500 support zone.

Bitcoin is stuck near the $20,000 zone and trading below the $20,500 resistance.
The price is now trading below the $20,000 level and the 100 hourly simple moving average.
There is a short-term rising channel forming with support near $19,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a clear move below the $19,600 and $19,500 levels.

Bitcoin Price Remains in a Range
Bitcoin price traded in a range below the $20,500 and $20,550 resistance levels. BTC failed on many occasions to clear the $20,500 resistance zone.
At the same time, the bulls were active above the $19,500 support zone. The recent low was formed near $19,600 and the price is now moving higher in the range. There was a minor increase above the $19,750 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,397 swing high to $19,600 low.
Bitcoin price is now trading below the $20,000 level and the 100 hourly simple moving average. There is also a short-term rising channel forming with support near $19,750 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $19,900 level and the 100 hourly simple moving average. The next major resistance sits near the $20,000 level. It is near the 50% Fib retracement level of the recent decline from the $20,397 swing high to $19,600 low.

Source: BTCUSD on TradingView.com
A clear move above the $20,000 resistance might send the price towards $20,500. Any more gains might start a steady move towards the $21,200 resistance zone.
Downside Break in BTC?
If bitcoin fails to clear the $20,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,750 zone.
The next major support sits near the $19,600 level. The main support sits near the $19,500 level. A break below the $19,500 support might spark a sharp decline towards $18,800. Any more losses might call for a move to $18,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $19,750, followed by $19,500.
Major Resistance Levels – $20,000, $20,350 and $20,500.

Lee Douglas
Lee Douglas
I have over 10 years of experience in the cryptocurrency industry and my work has been featured in major publications such as Bitcoin Magazine and CoinDesk. I’m also the author of two best-selling books on cryptocurrencies, "The Art of Bitcoin" and "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond". In addition to my writing, I’m an active investor and advisor in the space and a sought-after speaker at major industry events.

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