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Rally imminent if Bitcoin stays below the $13.2K level

Bitcoin price performed another effort to get momentum over $13,200 versus the US Dollar but missed. BTC is anticipated to respond to the downside if it continues to struggle near $13,200 and $13,300.

  • Bitcoin corrected lower under $13,000, but it obtained support near $12,800.
  • The price is back over the $13,000 zone and the 100 hourly simple moving average.
  • There is a crucial bullish trend line building with support near $12,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The dynamic duo must gain strength above $13,200 to continue higher towards $13,500 in the near term.

Bitcoin Price is Lacking Momentum

Bitcoin failed to linger above the $13,200 zone and started a downside correction. BTC broke the $13,100 and $13,000 levels, but the bulls were able to defend the $12,800 region.

A low is created near $12,790, and the price is currently rising. It is back above the $13,000 zone and the 100 hourly simple moving average. There was a break above the 50% Fib retracement level of the recent drop from the $13,247 high to $12,790 low.

On the flip side, the $13,150 level is an initial hurdle for the bulls. It is close to the 76.4% Fib retracement level of the recent drop from the $13,247 high to the $12,790 low. There is also a connecting bearish trend line forming with resistance near $13,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Bitcoin price must clear the $13,200 resistance and gain momentum to continue higher. The next significant resistance on the upside is near the $13,300 level, above which the price might test $13,500.

Is BTC Having Bearish Impressions?

If bitcoin fails to climb above the trend line and the $13,200 resistance zone, there could be a bearish reaction. Initial support is near the $13,000 zone and the 100 hourly simple moving average.

A drawback break below the 100 hourly SMA could lead the price towards the $12,800 support. There is also a key bullish trend line forming with support near $12,880 on the same chart. A clear break below the trend line support could open the doors for a more considerable decline in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 levels, with positive signs.

Major Support Levels – $13,000, followed by $12,800.

Major Resistance Levels – $13,150, $13,200 and $13,500.

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