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  • Bitcoin Price Analysis: Bitcoin Regains Bullish at $20,800, Continues to Decline Quickly

Bitcoin Price Analysis: Bitcoin Regains Bullish at $20,800, Continues to Decline Quickly

 تاریخ انتشار :
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  Bitcoin

Today’s Bitcoin price analysis is bearish as we see a quick test of a bullish result on a quick decline. Therefore, BTC/USD should continue even higher and look to break past key support of $20,000.

Bitcoin Price Analysis: Bitcoin Bullish Again at $20,800, Declines to 1
Heat map of digital currencies. Source: Coin360

The market has traded with mixed results in the last 24 hours. Bitcoin, the leader, rose 0.85 percent and Ethereum gained 0.79 percent. Meanwhile, Dogecoin (DOGE) was the biggest gainer, up almost 11%.

Bitcoin price movement in the last 24 hours: Bitcoin continued its upward trend

BTC/USD traded in a range of $20,287.46 to $20,795.32, indicating moderate volatility over the past 24 hours. Trading volume increased by 25.9% to a total of $41.7 billion, while the total market value was around $393.3 billion, resulting in a market dominance of 38.74%.

Bitcoin/USD 4-Hour Chart: Bitcoin Targets Next $20,000?

The 4-hour chart shows a reversal of the selling pressure, which is likely to break past the local support of $20,400 in the next hours.

Bitcoin Price Analysis: Bitcoin rebounded to the upside at $20,800 and continued to decline rapidly.
BTC/USD 4 hour chart. Source: TradingView

Bitcoin price movement witnessed a sharp increase last week. From the last support at $18,800, BTC/USD rallied more than 12% to reach the $21,000 mark.

A retrace followed on Thursday, leading to a move towards $20,000 support. Buying pressure has returned from there, indicating that another wave will come higher. However, BTC failed to break through the $21,000 resistance, resulting in a double high retracement.

Since then, the price of Bitcoin has slowly returned to its previous lows. Currently, the mark offers support at $20,400, as a slight higher reaction was seen earlier today. Selling pressure has since returned, causing BTC/USD to retest the $20,400 support aggressively.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis today is bearish as we saw more formation and selling yesterday. As the bullish retest quickly ended earlier today, we expect BTC/USD to drop even further and target the next $20,000 support.

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