Bitcoin Crosses Over $20,000 – What Could Drive Further Uptrend?

The Bitcoin price has begun a robust rise above $19,650 against the US dollar. BTC is trading above $20,000 and may gain traction above the $20,500 resistance level. Bitcoin’s price has held well above the $19,000 and $19,200 support levels.

BTC created a base and began a new uptrend over the $19,650 barrier levels. It increased by more than 5% and broke through the $20,000 resistance level. On the hourly chart of the BTC/USD pair, there was a move above a connecting negative trend line forming with a resistance of approximately $19,300.

The BITCOIN price is presently trading above $20,000 and above the 100 hourly simple moving average. A high near $20,400 was achieved, and the price is now consolidating gains. There was a slight dip below the 23.6% Fib retracement level of the current climb from the swing low of $19,266 to the high of $20,400. On the upside, an immediate resistance level is near $20,300.

Bitcoin (BTC/USD) Technical Outlook

On the hourly chart of the BTC/USD pair, a significant contracting triangle is emerging with resistance near $20,300. The first significant resistance is located near the $20,400 level.

The next major barrier could be $20,500. A clear break above the $20,500 resistance level might push the price up to $21,200. Any additional gains might pave the stage for a steady rise toward the $22,000 resistance zone.

If bitcoin fails to break over the $20,500 barrier level, it may begin a downward trend. On the downside, there is immediate support near the $20,200 level. The next big support level is around $19,800.

It is close to the 50% Fib retracement level of the latest rise from the swing low of $19,266 to the high of $20,400. A break and close below $19,800 might pave the way for another test of the $19,500 support.