Bitcoin price analysis is declining today, as we saw a slower rise and signs of crossing the $ 21,000 mark. Therefore, Bitcoin / US Dollars should be reversed soon and reversed. If the $ 20,000 local support can be broken, it will be much lower over the weekend and the next target is the $ 18,000 local swing.
The market has been trading in green for the last 24 hours. Bitcoin, Vanguard, grew 2.78% and Atrium 1.3%. Meanwhile, SHIB Ino (SHIB) is one of the best performers with an increase of more than 14%.
Bitcoin price movement in the last 24 hours: Bitcoin continues to move and tests $ 21,000
BTC / USD traded in the range of 19905.48 to 21387.65 dollars, which shows the average fluctuations in the last 24 hours. Trading volume fell 10.17 percent to a total of $ 31 billion, while the total market value traded around $ 400.7 billion, leading to a dominance of 43.53 percent.
4-hour chart BTC / USD: Does bitcoin seem to be reversing?
In the 4-hour chart, we can see the formation of a red candle at the border of $ 21,000 in the past hours. Therefore, a return to decline should be pursued soon as the cows have retreated sufficiently from previous losses.
Bitcoin prices have been slowly losing momentum over the past week. After a very rapid decline in early June, the new low was seen at $ 20,000 on June 15, 2022.
From there, the lower reaction above re-tested the $ 23,000 resistance, indicating that the bears are losing their momentum. However, further declines followed again over the weekend, leading to the new lowest price, which fell just below $ 18,000.
Since then, BTC / USD has formed a small aggregation that later became a correction. The previous support at $ 20,000 did not offer much resistance, although it slowed down the next return trend.
Yesterday, the $ 21,000 mark was first tested as a low momentum resistance. After further stabilization at the end of the day, the price of Bitcoin jumped above the $ 20,000 mark and slowly rose overnight, slightly above the $ 21,000 resistance.
Later today, sending a 4-hour descending pin strip showed signs of rejection indicating a reversal. Therefore, if the uptrend does not return, we expect another downward pressure by the end of the day.
The first thing to look for is $ 20,000 in local support. After that, the current fluctuation is $ 18,000. When Bitcoin / US Dollar breaks both of these signs, we expect it to decline further over the weekend. The next target will probably be $ 16,000.
On the other hand, if the $ 21,000 mark can not be maintained, we expect it to move to the previous resistance at $ 23,000. In this scenario, the overall downtrend is likely to end because there is a clear indication of buying pressure. After that, we can look at a lower set, which leads to a major change in the coming weeks.
Bitcoin Price Analysis: Conclusions
Bitcoin price analysis is declining today as we saw another weak test of the $ 21,000 uptrend. When we consider how much Bitcoin has already retreated below $ 18,000 below the current volatility, we expect a higher one to be set. Sales pressure is likely to resume by tomorrow, and the $ 20,000 break in local support is the first key level that will pave the way for much further declines.
As you wait for more bitcoin to move, check out our price forecasts at UNUS SED LEO, BITO and Klaytn.