- Bitcoin price shows a lack of directional bias as it approaches the $24,655 resistance level.
- A lack of buying pressure could send BTC down to the immediate support level at $21,430.
- A daily candlestick close that flips the $24,655 level into a support floor will invalidate the bearish thesis.
Bitcoin price has shown a resurgence of bulls that have pushed it higher over the last 48 hours. However, this move could halt and reverse if certain resistance levels are not breached. Therefore, investors need to pay close attention to how the price action develops in the next few hours.
Bitcoin price arrives at an inflection point
Bitcoin price faces rejection at the four-hour supply zone, extending from $23,932 to $24,722. In addition, BTC is close to retesting the midpoint of the 42% crash at $24,655, making this level a tough one to surpass.
Furthermore, the triple tap, aka top reversal pattern, has also formed, adding credence to a downside move in the near future.
Moreover, there are inefficiencies and liquidity to the downside that have to be collected. All of these considerations suggest that a downswing seems plausible, at least until invalidated.
Investors can expect Bitcoin price to sweep the $24,655 level again, triggering a sell signal. The resulting downswing could knock BTC down to the four-hour fair value gap, aka price inefficiency, at $21,430.
This is just the first move from bears as Bitcoin price could slide lower to collect the sell-side liquidity resting below the equal lows formed at roughly $20,750.
These levels are likely the target of market makers and whales and BTC is likely to form a base here. However, in an extremely bearish case, Bitcoin price could sweep the range low $17,579 and trigger a crash to $13,000, where a macro bottom could form.
BTC/USDT 4-hour chart
While things are looking up for Bitcoin price, a daily candlestick close that flips the $24,655 level into a support floor will invalidate the bearish thesis. In such a case, BTC could trigger a run-up that could retest the $28,000 to $29,000 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?