Bitcoin price analysis is currently anything but bullish as macro factors are pushing Bitcoin closer to the $20,000 price level. Federal Reserve Chairman Jerome Powell has announced that the Fed will use all tools necessary to reduce inflation, and that in itself is a big statement. Macroeconomic factors can play an important role in analyzing the price of Bitcoin in the coming months.
Stock markets are also reacting sharply to the hawkish statements of the Federal Reserve. BTC/USD is looking for support near the psychological $20,000 mark. The coming month does not inspire much confidence as the bears seem to keep the price of Bitcoin low. BTC bulls really need to pull a rabbit out of the hat to push Bitcoin above $22,000.
Bitcoin price movement in the last 24 hours: the ascending channel has been broken
The movement of the BTC/USD pair shows that the ascending channel is no longer present on the daily charts. The triangle pattern is back in action as the price has broken well below the upper trend line of the triangle pattern. According to Bitcoin price analysis, there is hardly any buying above the $22,000 trend line.
The price cannot break below the 20-day EMA at $22,200. The relative strength index is near the 30 level, which means bears are in charge of the price action. The bulls cannot make a move on the daily charts as the weekend will shut down.
BTC/USD 4-hour price chart: Bulls need to defend the $20,000 barrier
There has been a strong bearish rally in the Bitcoin/USD pair, although it has declined. This rally took a full week to materialize, but BTC is nearing the $20,000 mark. The sell-off could pick up momentum as the weekend’s poor liquidity forces bears to target the next $19,000. A low of $17,700 is not far from current levels.
The MACD indicator is showing a negative cross on the charts, which means more pain for the bulls. The 50-day SMA at $22,400 is also not supporting the price action. The upper end of the triangle pattern offers tough resistance against the pair’s higher target levels above $22,000.
Conclusion of Bitcoin price analysis: sideways movement with bearish bias
Bitcoin price analysis says the pair will face more sideways price action this weekend. Consolidation only helps the bears as low volume data further erodes bull confidence. A close below the $20,000 level would signal the end of a small bullish rally.
Hopes for an upward price channel are gone. Bitcoin price analysis is firmly in a bearish zone with a lower price target of $20,000. Bears will target $20,100 in an attempt to push the price down the next channel.
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