TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

Bitcoin is moving lower below the $21,000 zone against the US Dollar. BTC could gain bearish momentum below the $20,650 support zone. Bitcoin struggled to rise above $21,200 and declined towards $20,650. The price is now below the $21,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline further if there is a clear move below the $20,650 zone. Bitcoin Price Remains At Risk Bitcoin price failed to clear the $21,500 resistance zone and started a fresh decline. The price declined below the $21,200 and $21,000 levels. There was a clear move below the 50% Fib retracement level of the upward move from the $19,751 swing low to $21,780 high. There was also a close below the $20,800 level and the 100 hourly simple moving average. Bitcoin tested the $20,600 and $20,500 support levels. It is now consolidating near the 61.8% Fib retracement level of the upward move from the $19,751 swing low to $21,780 high. An immediate resistance on the upside is near the $21,920 level. The next key resistance is near the $21,000 level. There is also a key bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair. A clear move above the $21,000 level might start a decent increase. Source: BTCUSD on TradingView.com In the stated case, the price could rise above t...