Bitcoin price rallied over 10% and it even traded close to $16,000 against the US Dollar. BTC is currently correcting lower, but the bulls are likely to protect $15,300 or $15,150.
- Bitcoin started a strong rally and it broke the $15,500 resistance zone.
- The price traded to a new 2020 high at $15,974 and it is well above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $15,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower, but the $15,300 and $15,200 levels are likely to prevent heavy losses.
Bitcoin Price Rallies Close to $16K
There was a strong upward move in bitcoin price after it settled above the $14,000 resistance. BTC surged more than 10% and it broke many hurdles near $15,000. There was also a close above the $15,500 level and the 100 hourly simple moving average.
The price traded to a new 2020 high at $15,974 and it is currently correcting lower. There was a break below the $15,800 level, plus the price traded below the 23.6% Fib retracement level of the recent rally from the $14,657 swing low to $15,974 high.
On the downside, there are many important supports near $15,400 and $15,300. There is also a major bullish trend line forming with support near $15,300 on the hourly chart of the BTC/USD pair.
<img alt="Bitcoin Price" class="alignnone size-full wp-image-449030" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/11/Bitcoin-5-48.png" data-srcset="https://www.cryptotelegraph.com/wp-content/uploads/2020/11/Bitcoin-5-48.png 1828w,