Bitcoin has continued its fall, going down by 4% over the last day.
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BTC/USD
Bears have locally seized the intiative as bulls could not return the rate of Bitcoin (BTC) to the $21,000 mark.
BTC/USD chart by TradingView
On the hourly time frame, Bitcoin (BTC) is trading in a narrow range between the support at $19,883 and the resistance at $20,210. At the moment, the price is located in the middle of the channel, which means that neither bulls nor bears are dominating.
However, if buyers can hold the rate above $20,000, short-term growth may happen.
BTC/USD chart by TradingView
On the longer-term chart, Bitcoin (BTC) has made a false breakout of the $19,869 level. The selling volume has risen, confirming sellers' power. However, if bulls can keep the rate above the mentioned mark, one can expect a bounceback soon.
BTC/USD chart by TradingView
From the mid-term point of view, Bitcoin (BTC) is trading in a narrow range that neither bulls nor bears are signaling. However, if the candle fixes below the $20,000 mark, the fall may continue to the next support level at $17,592.
Bitcoin is trading at $20,098 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
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