TA: Bitcoin Price Recovery Faces Hurdle, Why 100 SMA Presents Resistance

Bitcoin found support near $20,750 against the US Dollar. BTC is correcting gains, but it is facing resistance near $21,500 and the 100 hourly SMA. Bitcoin found support near the $20,750 after a strong decline. The price is now trading below the $21,500 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover higher if there is a clear move above the $22,000 resistance. Bitcoin Price Struggles Bitcoin price gained bearish momentum below the $22,000 support zone. BTC declined below the $21,200 and $21,000 support levels before the bulls appeared. A low was formed near $20,797 and the price started a short-term upside correction. There was a minor upward move above the $21,000 level. Besides, there was a break above a major bearish trend line with resistance near $21,270 on the hourly chart of the BTC/USD pair. However, bitcoin price faced a strong resistance near the $21,500 level and the 100 hourly simple moving average. It is now struggling to clear the $21,500 resistance zone. On the upside, an immediate resistance is near the 100 SMA at $21,450. The first major resistance on the upside sits near the $21,650 level. It is near the 23.6% Fib retracement level of the key decline from the $24,415 swing high to $20,797 low. Source: BTCUSD on TradingView.com The main resista...