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Bitcoin Struggles above $20,000 as Sellers Threaten to Short

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Key Highlights
BTC price fluctuates below and above the $20,000 support
The largest cryptocurrency is range bound between $18,200 and $20,000 price levels

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Bitcoin (BTC) Current Statistics
The current price: $20,002.23
Market Capitalization: $383,476,875,925
Trading Volume: $420,046,833,309
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

Bitcoin (BTC) Price Analysis October 6, 2021
Bitcoin (BTC) is in an upward move as it rallies to the high of $20,543. For the past 48 hours, the bullish momentum could not be sustained as Bitcoin faced selling pressure at the recent high. Today, BTC price has slumped below the 50-day line SMA and the $20,000 price level. Presently, the BTC price is oscillating below and above the $20,000 support. Analysts believe that Bitcoin has been performing better in October since 2014. On the upside, Bitcoin will rise and revisit the $25,212 overhead resistance if the $20,000 support holds. Conversely, if Bitcoin slumps below the $20,000 support or the 50-day line SMA, it will be compelled to a range-bound move. The cryptocurrency will be fluctuating between $18,200 and $20,000 price levels.

Bitcoin Struggles above $20,000 as Sellers Threaten to Short

Bitcoin Technical Indicators Reading
The Relative Strength Index for period 14 has risen to level 52 as BTC price rallied above the moving average lines. It implies that the crypto is likely to further rise to the previous highs. The price bar is slightly between the moving average lines which indicates a sideways move. Bitcoin is in a bullish momentum as it is above the 30% range of the daily Stochastic.

Conclusion
Bitcoin is still hovering above the $20,000 support for a possible upward move. The upward move is facing resistance at $20,469. The uptrend will resume when price breaks above the resistance level. On October 5 uptrend, the BTC price retraced and the candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Bitcoin will rise to level 1.618 Fibonacci extension or $21,323

 Bitcoin Struggles above $20,000 as Sellers Threaten to Short

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