- Bitcoin hovers at $20,268 and breaks out of the bear flag.
- The price of the coin dropped by 1.63% within 24 hours.
- BTC’s bearish market price prediction is $19,532.
Looking at the 1-hour chart of BTC/USDT, the chart indicates that Bitcoin (BTC) is now trading in a bear flag after breaking out of the previous flag. Sellers are forcing the market to go bearish by putting a bearish order block at $20,412. BTC was unable to break out of the critical bearish trendline forming at $20,330, and now it is trading at $19,897.
The next major support for BTC sits near the $19,606 and $19,000 levels. If there is a clear break below the $19,000 level of support, it could start another bearish trend. The price could go as low as $18,500 in the near future.
Moreover, the next significant resistance lies between $20,343 and $20,569. A decisive rise above the resistance at $20,569 might send the price around $21,200, thus pushing the price to move upwards. Any further increases might initiate a move towards the $22,242 resistance area.
This 1-hour chart of BTC/USDT states that Bitcoin is trading below the 200 moving average, indicating that the market is still bearish and people are selling Bitcoin rather than buying it. The RSI value of 44 indicates that the buying volume of BTC is getting weaker than before and people are more interested in dumping the coin.
For the uninitiated, the BTC price can be predicted by the Keltner Channel indications for BTC/USDT on the 1-hour chart. It may keep following a downward trend since the price is still in the first half of the channel from the bottom. It is often recommended to wait for a downturn or a better entry point to improve the reward-to-risk ratio.
At the time of writing, there are 19,137,281 Bitcoins in circulation, changing hands at $19,953, as reported by Coinmarketcap. In the previous 24 hours, $30,933,656,761.58 worth of Bitcoin was traded. Additionally, the price has decreased by 1.63% over the past 24 hours.
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