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Bitcoin Price Analysis: Bitcoin remains above $20,000 with little prospect of upside

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  Bitcoin

Bitcoin price analysis shows no signs of recovery from the past 24-hour price action, as the price fell to continue the decline on October 30. However, the Bitcoin market has weakened with the US Federal Reserve’s decision to raise interest rates until current inflation shows signs of improvement. The weakening dollar has seen Bitcoin break away from last week’s high of $20,802 to find support just above $20,000. October’s $21,078 resistance needs to be broken by BTC bulls to change market sentiment.

The larger cryptocurrency market largely rallied around yesterday’s prices, with Ethereum up 2 percent to $1,500. Meanwhile, leading altcoins recorded similar minor gains. BNB rose 4% to $333.82, while Ripple remained a distant $0.46. Dogecoin gained 2% to $0.13 and Cardano rose 3% to $0.39. Solana and Polkadot were each up 3 percent to $31.38 and $6.51, respectively.

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Bitcoin Price Analysis: Digital Currency Heatmap. Source: Coin360

Bitcoin Price Analysis: Bitcoin is falling just below the critical moving average on the daily chart

On the 24-hour candlestick chart for Bitcoin price analysis, it can be seen that the price has formed a descending triangle pattern since October 30, which broke the uptrend above the $21,000 mark for BTC to confirm around $20,000. . While the bottom support is still around $18,000, BTC price has now fallen below key moving averages, including the 9- and 21-day moving averages, and the 50-day exponential moving average (EMA) at $20,306.

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Bitcoin Price Analysis: 24 Hour Chart. Source: Trading View

The October high of $21,078 remains a resistance in the current trend, with technical and psychological market movement within this range, while support has formed at $20,000. A clear break above the resistance point could be needed for the bulls to regain momentum and the 24-hour Relative Strength Index (RSI) value, which is currently at 54.60, could be retested. Meanwhile, the moving average convergence divergence (MACD) curve is also showing a bearish divergence and the September 2022 low of $18,157 is well established if the price breaks below $20,000.

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