Bitcoin price analysis: Calm before the storm or start the uptrend?

Bitcoin is currently hovering around $ 21,000, and if it can fully overcome this key resistance, then we can hope to start a new uptrend in the short term.

To Report Bitcoin fell to $ 17,600 on June 18 (June 28) and began a bullish correction that broke the resistance levels of $ 18,500 and $ 19,000.

Subsequently, the price crossed the 50% Fibonacci resistance level. In this analysis, Fibonacci levels are adjusted based on the downward movement of the price from $ 22,951 to the bottom of $ 17,600. The simple 100-hour moving average (SMA 100 – red line in the picture) and an uptrend line also formed resistance near $ 20,000, which was surpassed by the price jump to higher levels.

Buyers are now trying to maintain their recent position and gains above the $ 21,500 level and are not far behind the 61.8% Fibonacci retracement level. The closest resistance to the price is at the level of $ 20,800 and the next resistances of Bitcoin are $ 20,900 and $ 21,000.

A full break above the $ 21,000 resistance could pave the way for a jump to the $ 21,800 level. Continuing the uptrend may also lead to the growth of Bitcoin to the level of $ 22,200.

Conversely, if Bitcoin fails to break the $ 21,000 resistance, the price is expected to support somewhere near $ 20,275.

The next key support is the $ 20,000 level and the simple moving average of 100 hours. Breaking these protections could also increase the risk of falling prices to $ 18,800.

Breaking the $ 25,000 support could lower the price to $ 23,500 in the short term.

The MACD is losing momentum in the uptrend range, and the Relative Strength Index (RSI) is above 50 on the mid-axis.

As mentioned, $ 20,275 and $ 20,000 are key supports for Bitcoin, and $ 20,900, $ 21,000 and $ 22,000 also act as price resistance.