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Bitcoin Price Analysis: Hopes for a comeback dashed as Bitcoin hit a low of $20,700

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis has turned negative as Bitcoin has broken below the $21,000 level. A move towards $20,900 has pushed buyers to the side as short positions have been eliminated. Buyers are getting angry as lower supports near $20,800 are falling on the hourly charts.

btc coin
Source: Coin360

Currently, the BTC/USD pair is trading in a range between $21,000 and $20,700 with minimal upside potential. Bitcoin price analysis shows that the negative bias in the market is strong as reversal signs become more pivotal. As suggested in the hourly Bitcoin price analysis, the bearish movement stops near $20,800.

Bitcoin price action in the last 24 hours: $21k should be held for bullish hopes

As the price of BTC continues to move south, the bulls are confused. The recent move towards $22k now looks temporary. The all-important price at $20,800 remains a beacon of hope. For now, the daily close above $21,000 remains a critical psychological point for Bitcoin investors. The expected breakout appears to be a red flag as the price has failed to sustain a path above the 50-day EMA.

btc usd 1d 2
Source: TradingView

If the price closes below $20,650, sellers will intensify their selling activity to push the price down further. Soon, BTC/USD could print $20,000 on hourly charts. The move down from $22,300 has been swift. Bullish trading volume has expired and we await further confirmation from technical indicators that look neutral with a bearish bias. The ‘Doji’ candles on the charts are another sign of price rejection from current levels.

Bitcoin/USD 4-Hour Chart: Weakening Consolidation Could Intensify Selling

The 4-hour time frame shows that the BTC/USD pair is consolidating. The recent swing high of $22,300 is now resistance. Neutral readings from the Momentum Oscillator also prevent any sharp upward movement. Currently, BTC/USD is hovering near $20,900 and trading volume is decreasing, indicating liquidation of positions.

btc usd 4h 6
Source: TradingView

A bastion above $22,000 supports the bears. Bitcoin price analysis shows that the lower levels are attracting profits from the bears, especially at the $20,000 price level. Sellers seized the opportunity and turned most of the technical indicators negative on the hourly charts.

Bitcoin Price Analysis: Conclusion

In the macro sector, Chinese bank failures have caused renewed fear in financial markets. The global cryptocurrency regulatory front appears to be calm at the moment. Bears need to accumulate a lot of volume to have a bearish momentum.

Based on Bitcoin price analysis, short sellers should be careful as the downside move is supported from $22,300 to $20,650, where the current downtrend could stop. However, this does not mean that the opportunity to buy coincides with low volatility. Bulls should wait for further confirmation from technical indicators to start buying frenzy again.

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