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Bitcoin Price Analysis: Major resistance at $21K creates a bottleneck for BTC/USD

 تاریخ انتشار :
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  Bitcoin

Bitcoin price analysis shows that the price volatility action is slowly translating towards the bottom. The price is currently at $21,950 and the pair is moving towards resistance at $21,000 with slow and steady candles higher. The confluence area near $20,000 is becoming a rallying zone for the bulls from a short-term perspective.

Coin 18
Source: Coin360

However, there are no definite signs of a rebound as volatility and low volume over the weekend did not instill any confidence among bulls. A choppy price move does not result in a large price move in either direction.

After the price retested at $21,000, it looks like there are hopes for a rebound as the new week begins.

Bitcoin price movement in the last 24 hours: Bitcoin hits a low of $21,000

Bitcoin price analysis shows demand in the $19,000 region. The temporary rebound over the weekend showed the courage to defend the $18,000 support zone. However, the journey to $20,500 does not inspire confidence. A steady correction continues on the daily charts as the pair moves steadily higher rather than sharply lower.

btc 1d
Source: TradingView

The descending triangle pattern has yet to show any breakouts, but the pair is now slightly bullish. If the price breaks higher, the bullish cycle will naturally resume at the upper end of the triangle, bringing the price to $22,500. The first major resistance along this path is $22,240, where bears will notice any major buying activity.

Bitcoin/USD 4-hour chart: Crossing the 50-day moving average is crucial

The bulls are looking to target the $30,000 area eventually to reverse the bearish trend on the daily charts. Based on Bitcoin price analysis, the 100-day moving average and 50-day moving average are not making things easy in the $24,000 price zone. Hopes for a significant upward trend depend on macro factors, volume, volatility and regulatory issues related to various countries.

btc usd 4h 4
Source: TradingView

Bitcoin price analysis shows that the RSI is stuck in the 50 zone, where the probability of a breakout increases exponentially if volume is low. Currently, there is a balance in technical indicators including MACD which does not indicate any immediate crossover. The uncertainty will not last long as both bulls and bears look for the right opportunity to enter a trade.

According to Bitcoin Price Analysis, the steep bearish price channel is still falling on the hourly charts. The lower boundary of the triangle is being tested and the consolidation is leading to pressure on the bulls for the return phase. The bearish wedge does not help the bullish position as the price is moving lower on the higher time frame charts.

Conclusion of Bitcoin Price Analysis: Bulls need massive volume

The downward trend line of the falling triangle pattern indicates a bearish trend. Whether it will move higher or lower depends on price action near bearish wedges. If rejected, the price will quickly move lower near $18,000. The bearish trend line defines the trend and in the worst case the price can drop to $16,000.

Given the current uncertainty in the financial and digital currency markets, predicting a definite trend can bring huge losses for traders. No wonder traders are sitting on the sidelines even day, analyzing the ecosystem before making big trades.

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 an investment decision.