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Bitcoin price analysis indicates a minor pullback following a single day’s biggest fall since June 13. The price is currently trading near $21,300 and is managed to pause the further fall. BTC is still struggling to break above the resistance of $21,600.
After the recent consolidation, the price breaks down on the lower side evaporating the latest gains. A break below $20,000 could set the next cycle of sell-side run down. The massive sell-off in the previous session is showing that the bears have the upper hand.
The consolidation near the higher levels reflects that big players were not participants as can be seen with the decline in volumes. As the bulls look exhausted the rally fizzled out and faces strong resistance above $25,000.
As of publication time, BTC/USD is exchanging hands at $21,211.78, up 1.74% for the day. The largest cryptocurrency by market cap held the 24-hour trading volume at $29,298,822,666 with a loss of more than 19%.
- Bitcoin price manages to reclaim a part of the previous session loss.
- However, the downside risk remains intact below $23,000.
- All momentum oscillator favors bearish sentiment.
Bitcoin price looks for stability
On the weekly chart, the Bitcoin price analysis shows the continuation of the long-term downside momentum if certain conditions are met.
The bearish trend line from the highs of $69,000 acts as a strong resistance barrier for the bulls. Bulls attempted thrice to breach the bearish trend line but failed to do so. However, the price consolidates for a month near the support zone extending from $17,000 to $20,000. Thus, making it a crucial trading zone.
BTC appreciated nearly 45% from the lows of $17,567.45 to the swing high of $25,214.57.
The price completed a complete Fibonacci retracement and is currently struggling below 0.23% Fibo. retracement.
On the hourly chart, BTC slipped below the 21-day exponential moving average (EMA) as the trading week began.
After falling sharply in the previous session, the price consolidates near the $20,000 mark and made a sharp bounce back above $21,200.
Also read: Satoshi vs. the State of Idaho: Discrimination Against Bitcoin Mining?
However, the price still remains pressured below the moving average, indicating the presence of the sellers. At this point in time, every bounce is a selling opportunity.
A move above $21,500 on the hourly time frame could fuel further upside movement in the coin. If that happens, the first upside target could be found at $22,000 followed by $22,400.
MACD: The Moving Average Convergence Divergence is still below the midline with rising bullish momentum.
RSI: The RSI holds above the average line. It currently reads at 40.
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