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Bitcoin Price Analysis: A massive fall is coming as Bitcoin hits $21,404

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  Bitcoin

Bitcoin price analysis shows that the pair is struggling near $22,000 and all hopes for a further rally in the price of Bitcoin are now over. The sharp fall in BTC/USD price shows that the bears have the upper hand. The large red candlestick on the hourly charts reflects the bearish bias in the cryptocurrency market as most coins decline before the weekend. This extreme move is attributed to a false consolidation where the bulls did not build large positions based on Bitcoin price analysis.

btc coin 2
Source: Coin360

The bullish rally failed and the pair faced resistance at $23,000. Expanding Bollinger Bands indicate that more pain is to come in the market. Stock markets are touching overbought levels and global macro indices are neutral. Geopolitical tensions have also caused more volatility in emerging markets.

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Bitcoin price movement in the last 24 hours: Huge move down

The last few hours show that the bulls are unable to defend the $22,000 support as the pair has reached the $21,404 level. Bitcoin price analysis shows the pair moving towards $21,800 as the bearish rally is quickly consolidating. Bulls are very cautious as small day traders are closing their long positions. A correlation with the stock markets will only make things worse for BTC bulls.

1d 2
Source: TradingView

Overhead resistance at $24K seems very strong on a daily basis. After three consecutive rejections, the price fell sharply towards the $22,000 support zone. A red candlestick with a long wick indicates the bearish determination of short-term sellers. There may be attempts to buy near the $21,800 price level, but day traders are advised to be very cautious.

Bitcoin/USD 4-hour price chart: Bears are currently in the driving seat

The 20-day moving average pulls the price even lower, encouraging bears to open more short positions. The relative strength index also shows a sharp drop in prices in the last few hours. According to Bitcoin Price Analysis, the pair even fell below the 50-day SMA near $22,100. A further break in the price could lead to levels below $20,400 where the bearish rally could take a breather.

4 hours
Source: TradingView

As the current scenario is turning bearish, traders can break the support areas at $19,500 and then $18,000. The price has completely crossed the upper Bollinger Band lines where the large descending triangle indicates further price declines.

Conclusion of Bitcoin price analysis: technical indicators are bearish

The BTC/USD pair finally moved lower after days of sideways movement. Unlike the bulls, the bears are aggressive with a large short position reflected in the volume data.

A huge bearish divergence favors the bearish scenario. The uptrend line appears to be creating a potential downside slide, negating large positions. Bulls should wait for lower levels to buy the BTC/USD pair.

Disclaimer. The information provided is not trading advice. Ramzifa.ir holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.