Bitcoin price analysis is following the equity markets after the carnage in the macro markets last week. Most assets are onto the stabilizing path after massive losses and BTC/USD is no different. The pair is looking to stay desperately above the $20,000 mark and is currently trading at $20,169 at the time of writing.
The see-saw price action is putting the pair in negative territory as the bears are attempting to close the pair below $20,000 and vying for supremacy over the bulls. The overall sentiment in the market is far from positive since the low volumes can trigger a landslide any moment. The whales and large institutional investors are not participating in the market right now as is evident from the volume data.
Bitcoin price movement in the last 24 hours: Gradually shifting downwards
A fast decline lower would not be a surprise as per Bitcoin price analysis. The quick fall can come courtesy of breaking the $20k support zone where large buy orders can trigger a small bounce. The fears are not unfounded as the macro situation is not supportive of the crypto market.
Yesterday, the BTC/USD pair did close below the $20k level but gradually shifted above it and is hovering near the same level. The bears have not been able to create more big sell positions and take advantage of the situation. The strong demand at levels near $19,000 can surely help the bulls preserve any deeper pullback in the price as per Bitcoin price analysis.
BTC/USD 4-hour chart: Technical indicators stabilizing slowly
The 20-day EMA near $21,600 beckons the pair. However, the pair is unable to move beyond the $20,500 level where the bears are putting pressure by creating large sell positions. The bulls need to raise the price action with increasing volumes. The bearish momentum is weakening near $20,000 as the technical indicators are oversold. A break above the 20-day EMA can take the pair near $24,500 level as a bounce from the oversold levels.
Alternatively, if the BTC/USD pair falls below $20,000, it can quickly fall towards $18,000 level and go on to make fresh new lows. The minor rise can result in more selling near the $21,000 level as per Bitcoin price analysis. The support needs to be strong near $20k in terms of momentum and buying action represented by large volumes. The RSI is starting to rise slowly above the 35 level and is supportive of the bulls in the short term.
Bitcoin price analysis conclusion: BTC still in danger zone
Bitcoin is unable to steer clear of the danger zone as the pair struggles to move beyond $19,900 to $20,100 region. There are high chances that the pair will slip below the $19,500 level and break towards new lows. The macro-economic conditions and high inflation are causing the world markets to remain on edge.
The bears are fully in control as per Bitcoin price analysis since the leading cryptocurrency is stuck in a quagmire. The flag and pole pattern has shown how it can revert the pair back below the $20,000 level fairly quickly.
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