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Bitcoin Price Analysis: BTC bulls reluctant to break above $20,500

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  Bitcoin

Bitcoin price analysis shows that another Bollinger Band push is coming, which will lower the price. The Bitcoin/USD pair is trying to hold the $20,000 level and is hovering near the $20,400 area with a bearish bias. A move above the $19,800 level is uncertain and the bulls seem to be faltering.

Coin 360 2
Source: Coin360

Bollinger bands on the daily time frame chart do not show any major upward movement. Conversely, the area near $19,000 has raised concerns about a contraction in the Bollinger Bands. In such a scenario, Bollinger Bands are likely to cause the price to trade in a thin range.

Bitcoin price movement in the last 24 hours: volume required for directional movement

A stable trend has not yet formed in the hourly charts. The daily charts show a slight bias to the upside, but as the day draws to a close, the same should prove true. High trading volume combined with the right outcome can turn the tables for the bulls. The recent sideways phase should end on the daily charts for BTC/USD to break above $24,000.

btc 1h
Source: TradingView

The next upside targets are $21,000 and then $25,000, where the pair will find a tough resistance. However, the journey will not be smooth as the pair moves towards the middle of the Bollinger Bands near the $19,800 range on the hourly time frame according to Bitcoin Price Analysis. The pair has successfully crossed the 50-day moving average and is looking to cross the 200-day moving average, which is showing a slight downward bend.

BTC/USD 4-hour price chart: Technical indicators predict range-bound movement

According to Bitcoin price analysis, the Ichimoku cloud shows little change before the pair can chart its higher path. The latest attempt to move above the Ichimoku cloud only resulted in the pair dropping nearly $19,000. Therefore, the bulls need to maintain both the momentum and volume needed to break through the resistance at $21,000.

btc 4h
Source: TradingView

The SAR shows a bearish daily parabola towards $20,000, where stop losses are likely to set in, paving the way for short sellers to exit. Short pressure is also not ruled out in the charts. Bitcoin price analysis depicts a similar story for the RSI and MACD indicators. The pair looks up but the volume data does not support it. Based on Bitcoin price analysis, short-term price pressure can definitely lead to lower prices.

Conclusion of Bitcoin Price Analysis: Bitcoin is going to trade in a tight range near $20,000

The bottom of the bearish movement is near the current price levels at $20,000. This could give hope to the bulls. However, the time frames on the daily chart do not paint a rosy picture. Currently, the bearish resistance is at $21,000, where short orders are piling up quickly.

Longer time frames also indicate a slow but steady increase in volume. BTC whales are nowhere in the picture and the pair is supporting retail investors. Institutional investors are still not making a decisive move. Dynamic resistance between $20,900 and $21,400 will make things difficult for the pair.

disclaimer The information provided is not commercial advice. Ramzifa.ir is not responsible 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.