Bitcoin price analysis follows stock markets after last week’s macro market carnage. Most assets tend to stabilize after massive losses, and Bitcoin/USD is no different. The pair is desperately looking to stay above the $20,000 mark and is currently trading at $20,169 at the time of writing.
Price action puts the pair in negative territory as the bears try to lock the pair below $20,000 and compete for the lead over the bulls. The overall sentiment in the market is far from positive as low volume could cause the ground to collapse at any moment. Whales and large institutional investors are currently not participating in the market, as evidenced by the volume data.
Bitcoin price movement in the last 24 hours: gradually changing downwards
According to Bitcoin price analysis, the rapid decline in the price will not be surprising. A quick fall could be due to a break of the $20,000 support zone where large buy orders can trigger a small bounce. The fears are not unfounded as the macro situation does not support the cryptocurrency market.
Yesterday, the BTC/USD pair closed below the $20,000 level, but has gradually moved above it and is hovering near the same level. The bears have not been able to create more big selling positions and take advantage of this position. Strong demand at levels near $19,000 could certainly help the bulls sustain any deeper pullbacks in the price, according to Bitcoin Price Analysis.
Bitcoin/USD 4-Hour Chart: Technical indicators are slowly stabilizing
The 20-day EMA points to the pair near $21,600. However, the pair could not go beyond the $20,500 level, where bears are applying pressure by creating big short positions. Cattle should increase in price as volume increases. A bearish move close to $20,000 is reduced as technical indicators become oversold. A break above the 20-day EMA could push the pair closer to the $24,500 level to bounce off oversold levels.
On the other hand, if the BTC/USD pair falls below $20,000, it could quickly fall to the $18,000 level and continue to make new lows. According to Bitcoin Price Analysis, a slight rally could lead to further selling near the $21,000 level. Support should be strong near $20,000 on momentum and buying action provided by high volume. The RSI is slowly starting to rise above the 35 level, supporting the bulls in the short term.
Bitcoin price analysis result: Bitcoin is still in danger zone
Bitcoin cannot move away from the danger zone as the pair tries to cross the $19,900 to $20,100 area. There is a high probability that the pair will break below the $19,500 level and fall towards new lows. Macroeconomic conditions and high inflation have kept global markets on edge.
Bears are firmly in control as the leading digital currency is stuck in a quagmire, according to Bitcoin price analysis. The flag and pole pattern has shown how it can quickly bring the pair back below the $20,000 level.
Disclaimer. The information provided is not trading advice. Ramzifa.ir holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.