Bitcoin Faces Constant Rejection at $20,000, Can Bulls Save the BTC Price Rally?

Bitcoin prices have remained at these levels for a while as the bulls cannot offer the needed boost to the BTC price . Voyager Digital is the most recent event that has been affecting the price. However, traders remain separate from the asset. Since the start of the monthly trade, the asset traded parallel to the support levels for just a few days.

The asset has been in a strong uptrend since the weekend. It rose by almost 7% and is still following an uptrend line. Although the asset was rejected multiple times at $20,000, it maintained its trend with an expanded channel, which indicates the possibility of the asset reaching beyond $20,400 at the earliest.

BTC prices traded below the 50% FIB levels, which was the lower limit of the upward movement from $19,300 to the highs of $20,732 as well as the 100-day MA levels. A key bullish trend line was also formed at $19,550 hourly with the next resistance at $20,000. If the levels are breached, it could lead to a substantial increase in the price that could allow the price to surpass $21,200. The goal is to get $21,500.

The bears could regain control if Bitcoin prices fail to cross $20,500 resistance levels. This would bring the price closer to $19,500, which is the main support. The rejection here could further push the BTC price lower to $19,000 and reach $18,740 levels. Despite the recent flip of the star crypto, the possibility of a rejection is still possible as MACD’s bullish zone is losing pace.

The hourly RSI swings at an average level of 50, but could turn depending on the volume induced. So, the trend is still uncertain and shaky.