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Bitcoin Price Analysis: Bitcoin Finds $20,400 Support and Moves Higher

 تاریخ انتشار :
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  Bitcoin

Today’s Bitcoin price analysis is bullish as we have seen continuous declines and consolidation over the past few days until the $20,400 mark is supported. After some consolidation in the last 24 hours, BTC/USD saw a sharp rally, possibly indicating that further upside will be tested overnight.

Bitcoin Price Analysis: Bitcoin supports $20,400, up 1
Heat map of digital currencies. Source: Coin360

The market has been trading in the green for the past 24 hours. Bitcoin, the leader, rose 0.92 percent and Ethereum 0.81 percent. The rest of the market traded with mixed results with low volatility.

Bitcoin price movement in the last 24 hours: Bitcoin hits local lows

BTC/USD traded in a range of $20,382.98 to $20,605.02, indicating mild volatility over the past 24 hours. Trading volume remained almost unchanged, still totaling $40.97 billion, while the total market capitalization traded around $395.54 billion, resulting in a market dominance of 39.34%.

Bitcoin/USD 4-Hour Chart: Bitcoin Ready to Retest $21,000?

The 4-hour chart shows a rally in the previous hours, as $20,400 provides strong support.

Bitcoin Price Analysis: Bitcoin Finds Support at $20,400, Up 2
BTC/USD 4 hour chart. Source: TradingView

Bitcoin price traded in strong bullish momentum last week as the previous consolidation was finally broken. A new swing high was set at $21,000 last Wednesday, leading to a quick pullback to retest $20,000.

From there, another rally began, leading to a return to the $21,000 mark, where a double high retracement was formed. However, BTC/USD lacked the momentum to post a strong pullback, leading to a consolidation above $20,400.

Over the past few hours, the price of Bitcoin has started to rise, possibly as another test of the $21,000 mark is due. On the other hand, a lower local high is set and more selling is done for the rest of the week.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis is bullish today as we saw a strong consolidation above $20,400 which led to a rapid rally in the past hours. BTC/USD is likely to go even higher as a result, looking to move towards the previous swing high of $21,000.

While you wait for Bitcoin to move further, check out our price predictions on XDC, Cardano and Curve