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Bitcoin (BTC) Price Analysis for April 20

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Wed, 20/04/2022 - 15:56
Bitcoin (BTC) Price Analysis for April 20
Cover image via www.tradingview.com

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Bulls keep controlling the situation on the cryptocurrency market as most of the coins are in the green zone.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is not showing such a great performance as most of the altcoins, growing by only 0.37% over the last 24 hours.

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

On the local time frame, Bitcoin (BTC) could not fix above the $42,000 mark from the first attempt. If the fall continues, there is a chance to see the rate of the leading crypto around the nearest support at $41,211 by the end of the day.

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

On the daily chart, Bitcoin (BTC) remains trading in the wide range between the support at $39,218 and the resistance at $42,415. At the moment, BTC is facing a decline after a failed attempt to fix in the area of $42,000.

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If sellers' pressure continues, there is a possbility to expect the test of the nearest level at $40,869 within the next few days.

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

On the weekly chart, the rate is in the middle of the range, which means that the coin has not accumulated enough energy for a further sharp move. However, if buyers can seize the initiative and get back to the area of $44,000, there are chances to see the mid-term growth to the $45,000 mark soon.

Bitcoin is trading at $41,305 at press time.

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