Bitcoin: The price is consolidating

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Bitcoin leads the cryptocurrency market and every time it moves it mirrors the performance of all other altcoins. Of course, in the current market structure, investors are looking for profit opportunities.Chain analysis from the BTC network shows that $ 28,000 could be a significant level for all investors.

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Bitcoin: current situation

The short-term owner cost base (STH), a key indicator of investor conviction, is currently one step away from ideal. As a resistance to price action, the STH cost base should reverse its support position, which will help Bitcoin recover from its recent losses.

Bitcoin price remained in a bearish zone after stabilizing below Support zone of $ 22,000.It consolidated near the $ 21,000 area for a while before starting further losses.

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The price fell below $ 21,000 but the downside was limited, it formed a low near $ 20,750 and the price is now consolidating its losses, it is now trading below $ 21,500 and the moving average 100 hours.

The possibilities of a Bitcoin Rallythey are strained as the uptrend that has been active for the past two weeks is losing strength. And this is confirmed by the drop in the average directional index (ADX) below the threshold of 25.0.

The king’s coin was holding the 50-day simple moving average (SMA) as support. But it could still lose as buying pressure has eased considerably.

On the upside, the bitcoin price could encounter resistance near $ 21,500. close to the 50% Fib retracement level of the recent swing drop from the swing low of $ 22,250 to the low of $ 20,750. Next key resistance near the $ 21,650 area. There is also a key bearish trend line forming with resistance near $ 21,650 on the hourly chart of the BTC / USD pair.

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If bitcoin fails to initiate a rally wave above $ 21,500, it may continue to decline – immediate bearish support near $ 21,000.

The next big support is now near the door Levels of $ 20,750 and $ 20,500.A close below the $ 20,500 support zone could increase the selling pressures and test the $ 20,000 price in the near term.

Final comments

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