Bitcoin price analysis: BTC retests upside at $20,800, quickly continues to decline

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Bitcoin price analysis is bearish today as we have seen a quick test of the upside result in a swift bounce lower. Therefore, BTC/USD should continue even higher and look to move past the $20,000 previous major support.

Cryptocurrency heat map. Source: Coin360

The market has traded with mixed results over the last 24 hours. The leader, Bitcoin, saw a slight gain of 0.85 percent, while Ethereum by 0.79 percent. Meanwhile, Dogecoin (DOGE) was the top gainer, with almost 11 percent increase.

Bitcoin price movement in the last 24 hours: Bitcoin continued to retrace

BTC/USD traded in a range of $20,287.46 to $20,795.32, indicating moderate volatility over the last 24 hours. Trading volume has increased by 25.9 percent, totaling $41.7 billion, while the total market cap traded around $393.3 billion, resulting in market dominance of 38.74 percent.

BTC/USD 4-hour chart: BTC targets $20,000 next?

The 4-hour chart shows selling pressure return, likely leading past the $20,400 local support over the next hours.

Bitcoin price analysis: BTC retests upside at $20,800, swiftly continues to decline
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen massive rally last week. From the $18,800 last support, BTC/USD gained over 12 percent until the $21,000 mark was reached.

Retrace followed on Thursday, resulting in a move to $20,000 support. Buying pressure returned from there, indicating that another wave higher will follow. However, BTC failed to move past the $21,000 resistance, resulting in a double top reversal formed.

Since then, Bitcoin price action has slowly declined back to the previous low. For now, the $20,400 mark offers some support, as a slight reaction higher was seen earlier today. Selling pressure has returned since then, leading BTC/USD to aggressively test the $20,400 support again.

Bitcoin price analysis: Conclusion 

Bitcoin price analysis is bearish today as we saw a double top formed and further selling yesterday. As retest of the upside quickly ended earlier today, we expect BTC/USD to drop even further and target the $20,000 support next.

While waiting for Bitcoin to move further, see our Price Predictions on XDC, Cardano, and Curve 

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.


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