Friday, December 2, 2022
 

Challenges Awaits BTC; Will it Break the Current Support of $20,000?

  • BTC price prediction ranges from $21000 to $19,500.
  • The price of the coin dropped by 1.24% within 24 hours.
  • BTC’s bearish market price prediction is $19000.

Despite the crypto market being in a crypto winter and having been down for months, Bitcoin has pulled back to the $21,000 level after falling from $68,000 and approaching the resistance zone of $20,000-$19,000.

BTC/USDT 1-Hour Chart (Source: TradingView)

Looking at the 1-hour chart of BTC/USDT, the price of Bitcoin is still under the 200 MA and it is now moving sideways inside a bear flag. Being inside a bear flag indicates that the price decline will continue after the monetary halt. As a continuation pattern, we can expect that the bear flag will assist the sellers to push the price movement downward.

The RSI of BTC in the 1-hour chart of BTC/USDT is currently 43.44. RSI value below 50 means the sellers have more pressure in the market rather than the buyers. Closing below the $20,000 support level might trigger another drop in the short future. In the mentioned instance, the price may fall near the $19,000 mark.

BTC/USDT 4-Hour Chart (Source: TradingView)

The largest cryptocurrency by market cap, Bitcoin (BTC), is gaining more value above the support level of $20745.72 and moving higher. Ever since the market crash, everyone has been hoping to reverse the market conditions from the downtrend. The 4-hour chart of BTC/USDT shows a small bear flag inside the main bear flag which means that the selling pressure hasn’t been exhausted completely yet.

According to CoinMarketCap, Bitcoin is currently trading at $21,426.08, with 19,132,487 BTC in circulation. BTC has a 24-hour trading volume of $29,817,608,374.29. During 24 hours, BTC is showing a decrease of 1.24%.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • BTC price prediction ranges from $21000 to $19,500.
  • The price of the coin dropped by 1.24% within 24 hours.
  • BTC’s bearish market price prediction is $19000.

Despite the crypto market being in a crypto winter and having been down for months, Bitcoin has pulled back to the $21,000 level after falling from $68,000 and approaching the resistance zone of $20,000-$19,000.

BTC/USDT 1-Hour Chart (Source: TradingView)

Looking at the 1-hour chart of BTC/USDT, the price of Bitcoin is still under the 200 MA and it is now moving sideways inside a bear flag. Being inside a bear flag indicates that the price decline will continue after the monetary halt. As a continuation pattern, we can expect that the bear flag will assist the sellers to push the price movement downward.

The RSI of BTC in the 1-hour chart of BTC/USDT is currently 43.44. RSI value below 50 means the sellers have more pressure in the market rather than the buyers. Closing below the $20,000 support level might trigger another drop in the short future. In the mentioned instance, the price may fall near the $19,000 mark.

BTC/USDT 4-Hour Chart (Source: TradingView)

The largest cryptocurrency by market cap, Bitcoin (BTC), is gaining more value above the support level of $20745.72 and moving higher. Ever since the market crash, everyone has been hoping to reverse the market conditions from the downtrend. The 4-hour chart of BTC/USDT shows a small bear flag inside the main bear flag which means that the selling pressure hasn’t been exhausted completely yet.

According to CoinMarketCap, Bitcoin is currently trading at $21,426.08, with 19,132,487 BTC in circulation. BTC has a 24-hour trading volume of $29,817,608,374.29. During 24 hours, BTC is showing a decrease of 1.24%.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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