As traders' risk tolerance narrows, will BTC break below $20,000 again?

Bitcoin (BTC) declined 1% on Tuesday, marking the second consecutive day of declines  by market capitalization, erasing some gains seen in the past week, as the stock market's two-month-long relief rally takes a breather.

 

If bitcoin (BTC-USD) can overcome the bearish price action and break out its 100-day moving average, which stands at roughly $24.7K, it would indicate a major trend reversal and a potential move to the high $20,000 range, but if not then we can expect more pain ahead on the longer time frame.

 

On the daily chart, BTC's proximity to the upper range of its "Bollinger Band", which periodically has resulted in BTC's price declining to or below its 20-day moving average. MACD's histogram is weakening, while RSI signal line is also trending south. However, if BTC is able to close to the $24,000 support zone, the initial resistance is around $26,900 which may be achieved by the end of the monthly trade, while the upper target remains beyond $28,200.

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