Bitcoin's Next Move: Key Price Movements to Watch Next Week
It has been more than 9 months since Bitcoin hit its all-time high of $69,000 in November 2021. The cryptocurrency has continued to decline sharply and has yet to show any signs of recovery. The market is currently relatively calm, but next week's[...]
It's been over 9 months since Bitcoin hit its all-time high of $69,000 in November 2021. Since then, the cryptocurrency has been in a continuous downtrend, with no signs of recovery. The market is currently quiet, but next week's price action could be key to determining the mid-term future.
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The market seems to be consolidating at the $20,000 mark, with little movement in either direction. This could be a sign that the market is undecided about where to go next, or that traders are simply waiting for a trigger to push the prices higher or lower. Either way, it looks like the $20,000 support area is holding for now.
If the bulls are able to take control and push prices back up, the key areas to watch will be the 50-day and 100-day moving average lines around $23,000 and the $24,000 resistance level. A successful breakout above these levels could signal a continued move higher, while a failure to do so could mean that the bears are still in control and prices could continue to fall.
There is a risk that the market could decline significantly if it breaks down from the $17K-$20K area. In this case, a rapid decline towards $15K or below would be possible, which would prolong the bear market significantly.
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It is likely that the price of Bitcoin will continue to fluctuate within a relatively tight range in the short-term, with a possible retest of the $21,000 level. However, given the large bearish flag that has been broken, it is possible that the price could continue to fall in the longer-term.
It is unlikely that the market will break above the $21K level, as the current price action suggests a consolidation before a further bearish continuation below the $20K support level.
The RSI is currently near the 50% level, after printing a bullish divergence a few days ago. This suggests that neither the bulls nor the bears are currently in full control, and the momentum is presently neutral.
The post BTC Hanging By a Thread but is $17K in Play? (Bitcoin Price Analysis) appeared first on CryptoPotato. As BTC's price continues to hover around the $17,000 mark, many are wondering if the world's largest cryptocurrency is in for a breakout. While some