TA: Bitcoin Price Could Surge To $22K, Why BTC Remains Supported

Bitcoin started a decent increase above the $20,000 resistance against the US Dollar. BTC is trading above $20,500 and eying more gains towards the $22,000 level. Bitcoin is slowly moving higher above the $20,000 resistance zone. The price is now trading above the $20,200 level and testing the 100 hourly simple moving average. There is a key bullish trend line forming with support near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish momentum if it clears the $20,750 and $21,000 levels. Bitcoin Price Gains Momentum Bitcoin price formed a base above the $19,000 level and started a decent increase. The price traded above the $20,000 resistance zone to move into a positive zone. There was a clear move above the 23.6% Fib retracement level of the downward move from the $22,500 swing high to $18,916 low. At first, the price saw a rejection near the $20,500 level. However, the bulls were active near the $19,600 level. Bitcoin started another increase above the $20,500 resistance zone. It is now trading above the $20,200 level and testing the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $20,400 on the hourly chart of the BTC/USD pair. On the upside, the price could resistance near the $20,750 level. It is near the 50% Fib retracement level of the downward move from the $22,500 swing high to $18,916 low. The next key resistance is...