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Bitcoin Price Analysis: BTC Fails to Reach $20,000, Rises Again

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis today is bullish as we have seen a slight decline above $20,000 and another strong push in the past hours. BTC/USD is likely to look for another lower high later today or potentially look to break the $21,000 resistance.

Bitcoin Price Analysis: Bitcoin Fails to Reach $20,000, Rises Again by 1
Heat map of digital currencies. Source: Coin360

The market has been trading in the green for the past 24 hours. Bitcoin, the leader, gained 2.93 percent and Ethereum almost 5 percent. The rest of the market witnessed further increases.

Bitcoin price movement in the last 24 hours: Bitcoin failed to continue its downward trend

BTC/USD traded in a range of $20,123.82 to $20,761.57, indicating mild volatility over the past 24 hours. Trading volume decreased by 12% to a total of $49.75 billion, while the total market value was traded at around $398.58 billion, resulting in a market dominance of 38.53%.

Bitcoin/USD 4-Hour Chart: Bitcoin is rapidly showing higher videos

On the 4-hour chart, we can see the Bitcoin price moving with a strong bullish move in the past hours, which is likely to return to the previous high at the end of the day.

Bitcoin Price Analysis: BTC Fails to Reach $20,000, Rises Again
BTC/USD 4 hour chart. Source: TradingView

After a break above the previous stabilization, Bitcoin’s price action has been volatile until the end of October. Last Wednesday’s resistance was $21,000, with the immediate reaction dropping to $20,000.

From there, BTC/USD bounced back at the end of October, setting up a double-winged reversal pattern as resistance failed to break. As a result, Bitcoin began a multi-day rally towards a previous local low of $20,000.

Bitcoin price action once again found support in the mark leading to a minor consolidation above. Buying pressure returned overnight, indicating that bulls are not yet ready to give up above $21,000. If BTC/USD breaks above $21,000, we could see another multi-day rally as the next major resistance lies at $23,000.

Bitcoin Price Analysis: Conclusion

Bitcoin price analysis is bullish today as we saw a reversal above $20,000 as yesterday’s selling pressure stopped and overnight buyers returned. Therefore, we expect BTC/USD to test the $21,000 mark soon.

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