TA: Bitcoin Price Consolidates, Why Recovery Could Be Capped

Bitcoin extended losses below the $21,000 support against the US Dollar. BTC is consolidating and any upsides might face hurdles near $21,500. Bitcoin remained in a bearish zone and traded below the $21,000 level. The price is now trading below the $21,500 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $21,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might correct higher but upsides might be limited above $21,500. Bitcoin Price Remains In A Bearish Zone Bitcoin price remained in a bearish zone after it settled below the $22,000 support zone. It consolidated near the $21,000 zone for some time before there were more losses. The price declined below the $21,000 level but downsides were limited. A low is formed near $20,750 and the price is now consolidating losses. It is now trading below the $21,500 level and the 100 hourly simple moving average. There was a minor upside above the $21,000 level. The price cleared the 23.6% Fib retracement level of the recent drop from the $22,250 swing high to $20,750 low. On the upside, bitcoin price could face resistance near the $21,500 level. It is near the 50% Fib retracement level of the recent drop from the $22,250 swing high to $20,750 low. The next key resistance is near the $21,650 zone. There is also a key bearish trend line forming with resistance near $21,650 on the hourly chart of the ...