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Bitcoin Price Analysis: Bitcoin re-tests $ 20,250 support, another pressure to reduce inputs?

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  Bitcoin

Bitcoin price analysis is bearish today as we saw a sharp decline in the return to the end of $ 20,250 support with a slightly higher reaction. Therefore, Bitcoin / US Dollar is probably ready to go lower and somewhat higher than the current low. Given that the downturn has slowed, it is unlikely that we will see a further drop in pressure beyond the $ 18,000 mark.

Bitcoin Price Analysis: Bitcoin re-tests $ 20,250 support, another pressure to reduce inputs?  1

Thermal map of digital currencies Source: Coin360

The market has traded with different but calm results. Leaders of Bitcoin and Atrium fell 1.25% and Atrium 1.56%. The rest of the top altcoins, meanwhile, experienced small gains, with coins such as the Tezos (XTZ) and Monero (XMR) having the highest performance.

Bitcoin price movement in the last 24 hours: Bitcoin is slowly jumping from its previous low level, preparing to come down again

BTC / USD traded in the range of 20265.23 to 21365.30 $, which shows low fluctuations in the last 24 hours. Trading volume fell 28.03 percent to $ 32.17 billion, while the total market value was about $ 390.47 billion, leading to a market dominance of 43.91 percent.

4-hour chart BTC / USD: Is BTC ready to break $ 20,250?

In the 4-hour chart, we see a slightly higher reaction and a return to the previous lowest level in the past hours. Therefore, BTC / USD should see further decline over the weekend, which is likely to lead to further decline by the beginning of next week. However, if support continues, we could see more efforts to reverse over the weekend.

Bitcoin Price Analysis: Bitcoin re-tests $ 20,250 support, another pressure to reduce inputs?  2

4-hour chart BTC / USD. Source: TradingView

Bitcoin price trends have continued to decline over the past week. Since the last major fluctuation at $ 31,500, BTC / USD has fallen more than 35%, meaning the bears have to get tired.

Earlier in the week, the first reaction was seen to be around $ 21,000. From there, BTC reacted to the $ 23,000 resistance before even falling on Wednesday. This time the support was only slightly lower – $ 20,250, which indicates that the bears are running out.

However, the following correction could not cross the previous local high because resistance was again found at $ 23,000. The bitcoin price rebounded late yesterday, slowly pushing the bitcoin price back to its previous low of $ 20,250.

Since then, the BTC / USD has stabilized above the support level and has managed to record only a slight move higher. Therefore, we can see that the bears are still in control and more negative points can be seen soon. By the end of the day, we will probably see a decline, which will pave the way for much further declines in the coming days.

On the other hand, if the $ 20,250 support remains, a change may eventually take place. However, this still has to be confirmed by the failure of the $ 23,000 resistance. Once that is done, we can expect a strong correction in June.

Until then, we remain bullish and expect the next support levels at $ 19,000 and $ 18,000 to be tested soon.

Bitcoin Price Analysis: Conclusions

Bitcoin price analysis is down today, as we only saw a slight improvement after re-testing the $ 20,250 support. Bitcoin / US Dollar is likely to fall below the support level soon and is looking to further decline as the recovery has failed in the last 24 hours. So, considering the previous momentum, we expect the next support to be around $ 18,000. Once this is done, a slightly higher reaction can be followed to retest the previous $ 20,250 support as resistance.

As you wait for more bitcoin to move, check out our price forecasts at UNUS SED LEO, BITO and Klaytn.

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