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Bitcoin can rise

Bitcoin can rise again unless it breaks the $18,750 support

The bearish cycle in the crypto market continues after a slight recovery in the last week. Bitcoin can rise again unless it breaks strong support near $18,750.

According to Coinmarketcap, Bitcoin is exchanging hands around $1458 with a 24-hour volume of $25 billion. BTC price is down 2.4 % over the last 24 hours. Currently bitcoin is holding first position, with a market cap of $370,580,340,792 USD. It has a circulating supply of 19,085,787 BTC coins as of now. Let’s take a look at the technical analysis of the coin.

Bitcoin can rise again. How?

Following a brief wave of recovery, the price of bitcoin was unable to overcome the $20,500 resistance in the last week. BTC made a top and began a new decline below the $20,000 mark. The $19,600 support area and the 21 simple moving average both clearly moved lower (H1). The bulls, though, were active close to the $18,750 area. On the hourly chart, a base was created and the price corrected above the $19,200 region and a corresponding negative trend line.

Bitcoin can rise

The first significant resistance to price growth is located at the $19,850 mark, above which Bitcoin can rise toward the $20,500 resistance. If not, it may go back to $18,750. DYOR.

 

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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