Bitcoin (BTC) Price Analysis for April 23


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Denys Serhiichuk

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Can buyers withstand bears’ pressure and return the rate of Bitcoin (BTC) above $40,000?

Bears have continued their pressure, keeping the cryptocurrency market in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has failed to get to the vital $40,000 mark, going down by 2.85% over the last day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) made a false breakout of the local resistance level at $39,823. At the moment, the price is stuck in the middle of the channel, accumulating power for a further move. However, if the drop continues, there is a chance to see the test of the area around $39,400 until the end of the day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) has bounced off the support at $39,218, which means that bulls still control the market situation despite today’s decline. From another point of view, the selling trading volume is increasing, which confirms ongoing bearish pressure.

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In this case, the breakout of the support might lead to a sharp decrease to $38,000 soon.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Analyzing the weekly chart, Bitcoin (BTC) is rather more bearish than bullish as the price is located below the $40,000 mark. If bulls cannot seize the initiative by the end of the week, the fall may continue to the zone around $37,500.

Bitcoin is trading at $36,607 at press time.


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