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Bitcoin Price Analysis: Retracement lowers as Bitcoin retests $20,700

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  Bitcoin

Bitcoin price analysis is shaky once again. The sustainability of Bitcoin’s return to $22,800 is in question. The price has fallen to $20,680 and the bears have succeeded in pushing BTC/USD down. The $20,000 support may be tested as a short-term rally bird.

btc coin usd
Source: Coin360

As the price fluctuates and the bulls are unable to overcome the fear of selling, the Bitcoin/USD pair will only move to lower levels. Over the weekend, volumes were low, which may have led to lower prices. Sellers are not out of the picture yet. The current Bitcoin price analysis shows a bearish path where prices could once again reach a low near $18,800.

Bitcoin price movement in the last 24 hours: slowly fading from recent highs

A bearish reversal is evident when the price moves away from the 20-day moving average. The RSI is slowly rising and the underlying uptrend on the hourly charts is fading. Daily Bitcoin price analysis shows only $31.9 billion in daily trading volume. There is a clear range for the BTC/USD pair as market participants await a clear picture.

1d
Source: TradingView

A failed attempt to reach higher bullish levels to cross $24,000 with confidence will only complicate matters on the technical indicators front. Only aggressive buying by the bulls will change the picture to buying. Daily charts also indicate a sideways move for the coming week in the absence of any broad volume changes. On the downside, the $18,500 support is likely to support the pair well.

Bitcoin/USD 4-hour price chart: sideways movement bounds the price low

Bitcoin price analysis shows that the pair has retested the lows on the daily long wick candle. Supply pressure remains strong. The price is hovering near the 20-day EMA to create resistance above the $21,800 level. A recent failed attempt to break through this price has triggered the current sell-off based on Bitcoin price analysis. Therefore, the hourly candle, if short, could initiate another round of selling towards the $19,000 level as the day progresses.

btc usd 4h 1
Source: TradingView

The upper Bollinger Band shows a downward slope with $22,688 as the higher level. It is difficult for the bulls to move beyond these levels in the current conditions. The low is quickly approaching the $18,000 area, which could be a worrisome sign for the bulls. A range-bound rally can quickly turn into a declining bull trap. The RSI is slowly fading towards the 40 level and the MACD is not showing any immediate crossover signals.

Bitcoin Price Analysis Conclusion: Get ready for another phase

As buyers lose their edge over the weekend, there is little hope of a quick bullish return. Since the bulls do not have enough leverage in the current situation, the price will only deviate less. There is no clear indication of another move towards the $22,400 resistance level without a significant increase in volume.

The $18,500 support could be broken if a bullish trap materializes with a big news release. The $17,800 support will be a major concern for Bitcoin bulls. Bitcoin price analysis shows a bearish start to the week as the pair rejects a short-term rally.

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