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Bitcoin (BTC) Price Analysis for April 20

Price Analysis
Wed, 04/20/2022 - 15:56
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Denys Serhiichuk
Can bulls fix above the $42,000 mark and continue the mid-term rise of Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for April 20
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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

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.

Related
BTC, ETH and XRP Price Analysis for April 18

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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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.