#bitcoin is currently facing a challenge in reclaiming its $20,000 support level. The outcome of this struggle over the next few days will be absolutely critical for the future of the cryptocurrency markets.
Over the past fortnight, the price of Bitcoin has been undergoing a correction phase. Upon closer examination of the 4-hour time frame, it appears that the price is merely bouncing back after receiving support from the $20,000 mark.
The price of Bitcoin is currently undergoing a correction after reaching the $19,500 mark. However, if it manages to maintain its position above the $20,000 support level, it could potentially trigger a new surge. Unfortunately, Bitcoin has encountered a major obstacle in its upward trajectory, as it was unable to surpass the resistance zone of $22,200. This has resulted in a surge of selling interest, leading to a decline below the crucial support zone of $21,500.
The price even dipped below this critical support zone, creating a new monthly low of $19,550. However, Bulls are active near the $19,500 support and the price is consolidating some rebound and trading above the $20,000 mark. BTC is currently trading above $20,100 and the 21 hourly simple moving average.
According to #priceanalysis BTC is currently encountering a formidable resistance level at $20,800, with the next significant hurdle at $20,100. However, if BTC can maintain its position above $21,000, the primary resistance level to keep an eye on is now at $21,500. The next critical resistance level to overcome is at $22,000. If BTC manages to surpass this level, it could gain bullish momentum and test the $22,800-$23,000 range.
Bitcoin is currently encountering a formidable obstacle at the $21,000 mark, and if it fails to surpass this level, it could potentially experience a further decline. In the event of such a scenario, the immediate support level on the downside is anticipated to be around $20,000. However, if the price falls below this level, the next significant support levels are at $19,500 and $19,400, respectively. If the price continues to plummet, it may reach the $19,000 level, and any additional losses could potentially push it towards the $18,400 level.
KEY LEVELS :
RESISTANCE LEVEL : $20,900-$21,400
SUPPORT LEVEL : $20,000-$19,500
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
