TA: Bitcoin Price Trades Heavy, Why BTC Could Soon Test $20K

Bitcoin is struggling to recover above $21,500 against the US Dollar. BTC is consolidating and remains at a risk of a move towards the $20,000 support. Bitcoin is consolidating above $21,000 and facing a lot of hurdles. The price is now trading above the $21,200 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover higher, but upsides might be limited above the $22,000 resistance zone. Bitcoin Price Faces Hurdles Bitcoin price remained well bid above the $21,000 support zone. BTC formed a base above $21,000 and started a consolidation phase. There was a minor upward move above the $21,250 and $21,350 levels. The price was able to surpass the $21,500 level and the 100 hourly simple moving average. However, the bears were active near the $21,640 resistance zone. It seems like the 23.6% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low is acting as a strong resistance. Bitcoin price is now trading above the $21,200 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $21,500 and $21,640 levels. The first major resistance on the upside sits near the $22,000 level. If there is an upside break above the $22,000 resistance zone, the price may perhaps rise towards the $22,500 resistance zone. There is also a...