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Bitcoin Price Analysis: Bitcoin Running On Hopeium As It Targets $17K Once Again

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis shows that the recovery in the crypto markets looks short-lived as the price continues to follow a sawtooth pattern. As the pair once again reaches the $20,900 level, there are doubts that the price may not be able to sustain higher levels due to reduced volume. A recent low of $18,900 has market participants worried that sellers still have the upper hand.

Coin 16
Source: Coin360

Large institutional investors and whales are declining in activity. Over the past few weeks, the price of Bitcoin has been in a slump, and according to long-term analysis of the price of Bitcoin, last week looks to be no different. There is no doubt that the bears still have the upper hand when it comes to prices on the side. There is an inherent feeling among market participants that more new lows are on the way, as price action does not inspire confidence.

Bitcoin price movement in the last 24 hours: $21K was rejected by the bulls again

Last week we saw Bitcoin price change between $22,000 and $19,000. A drop to $18,900 sparked fears of another sharp drop to $17,000, but the bulls took action. There is decent support near $18,000 in case of a quick decline. Based on Bitcoin price analysis, the price seems to be stuck due to low trading volume and reduced volatility.

bt cusd 1d
Source: TradingView

Any macro event can trigger a chain of events that can drive the price down. If it breaks above the $18,000 level, the price can reach even lower than the $17,000 level. However, technically it was seen that the current safety of a fall to $17,000 would trigger some buying action. Bulls could push BTC/USD towards higher resistance at $24,000. The 50-day moving average is close to $24,000.

Deviations from current levels may also inspire short-term day traders to jump in, according to Bitcoin price analysis. A sharp pullback could also initiate higher levels such as $27,500 and define the medium-term trend of the market.

BTC/USD 4-Hour Chart: Massive Volatility Awaiting Bitcoin?

Big moves in price action happen when there is a lot of volume to create a lot of volatility. Its rise or fall depends on several factors. The accelerated growth phase is only possible if the big news looks favorable. Higher levels like $22,500 can also trigger sell orders from the bears.

btc usd 4h 2
Source: TradingView

Bitcoin moves towards the bottom of the symmetrical triangle, which limits the price. Bears need to hold the price below $21,000 to hold lower levels. On the other hand, the bulls should keep the price close to the 20-day moving average. The RSI has been steadily rising over the past few hours to reach the 50 level, where the price could stall for a short period of time.

Bitcoin Price Analysis Conclusion: False hopes can cause huge losses for day traders

Day traders should not get their hopes up for any big upside move. In the absence of major positive news or high volume, the price will only get worse. The bulls are also trying to push the price higher but the volume of trading over the weekend is only pushing prices lower. The price is rising towards the lower end of the triangle pattern towards $18,500.

Overall, the Bitcoin price analysis is bearish and the recent dominance of the bears is fading fast. A bearish flag indicates more pain to the downside next week.

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