Bitcoin began to undergo a severe downturn. It found support near $20,500, and its trend appears to be sustained.
The biggest and most well-known cryptocurrency in the world, Bitcoin, was unable to prolong its 14-day bullish run, dropping to about $20,759 as a result of the current wave of risk-off activity in the cryptocurrency market, which undermined riskier assets like Bitcoin and other cryptocurrencies.
The value of the global crypto market has decreased in the last day, from $999 billion to $969 billion, according to the most recent data, or over 4%.
Today Bitcoin Price
| DATE | BTC | USD |
|---|---|---|
| Today | 01 | $ 20,964.94 |
Bitcoin Price Prediction
The price of Bitcoin has decreased by 1.50% during the past 24 hours to $20,550, with a $29 billion trading volume. The predicted value of Bitcoin has not changed since the initial projection on January 17th.
The immediate support level for Bitcoin on the 4-hour time frame is located close to $20,630 and is extended by the 23.6% Fibonacci retracement. The next support level of $19,985, or the 38.2% Fib level, might be reached by the BTC price if the bearish breakout of $20,630 takes place.
The “Three Inside Up” candlestick pattern that Bitcoin has developed, however, may be the catalyst for a BTC upswing.
To the upside, BTC may jump and aim for the $21,200 mark, and additional purchasing may push BTC toward $21,600. A bullish breakout of this level might result in a breakout above $21,600 and propel BTC in the direction of $22,000.
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