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Bitcoin price analysis: $20k support loses ground as bears prepare next onslaught

Bitcoin price analysis
TL;DR Breakdown

Bitcoin price analysis shows support at $20,000 slipping fast

Technical indicators shows more weakness ahead in the price

Bitcoin miners participating actively in the market

Bitcoin price analysis shows that there is a calm before the storm as the range is too tight for the pair to resist breakout for long. The bulls and the bears are struggling to find a stronghold near $19,700 price level. The current Bitcoin price analysis is just muddy water with no clear direction. However, the tight range can squeeze the pair quickly into a breakout.

btc c
Source: Coin360

There have been minmal changes in the price in the last 48 hours. It is strictly moving between a 100-point range of $19,700 to $20,050. It would be interesting to watch where the current battle between the bulls and the bears leads as per Bitcoin price analysis.

ITB Widget Example

Bitcoin price movement in the last 24 hours: Strictly adhering to a tight range

There have been small changes in the price but nothing massive in either direction. It cannot be called consolidation either since there has been no large buying orders from the buyer side. The support zone at $20,000 is holding strong according to Bitcoin price analysis. The bulls, if they gain enough momentum, can convert the current predicament into a jump towards $23,000 in the next few days.

btc 1d 1
source: TradingView

The 100-day simple moving average lies above the price at $23,000 where the price can take a breather. The bears are wary and have piled up enough sell orders near the 100-day SMA to discourage the buyers from getting excited. The overall sentiment of the crypto market remains neutral to bearish.

BTC/USD 4-hour chart: Bearish breakout can spell doom

If the price is able to break below the bearish side, it can slide below $18,000 fairly quickly. The $15,000 region isn’t too far as the sellers would pile up pressure due to neutral technical indicators. The RSI indicators hovers around 40 level which means the price has enough leeway to fall lower.

btc 2
Source: TradingView

The rally towards $24,000 would take large volume orders and participation of whales. The symmetrical triangle shows the pair moving towards $21k levels. However, it may be due to a result of the wave pattern and those price levels are just a stopover before the journey lower. The chances of the BTC/USD pair breaking lower are higher.

Bitcoin price analysis conclusion: Symmetrical triangle pattern shows a break lower

Currently, cryptocurrency is aiming for lower levels as the $20,000 support is not proving strong but the $22,000 resistance is too strong. The breakout above seems a far-fetched possibility for the bulls. A bearish continuation is likely as the key metrics point towards weakness as per Bitcoin price analysis.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability 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 any investment decisions.
Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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