After several days of recovery, the price of Bitcoin reached a ceiling of around $21,500 and began a new decline. The BTC price came close to the 20,000 mark. But apparently, this time the 20,000 level provided enough support for the BTC price, and it bounced up. At the time of publication, the price of Bitcoin has risen to 20,500.
The current situation shows that the bulls do not have the strength to start a new growth phase. As we approach the 21,000 mark, we see an increase in sales. Investors are trying to partially cover their losses, which leads to increased pressure and sends the BTC price to the 20,000 area.
In the current situation, the level of 20,500 is the nearest resistance for the BTC/USD pair. And the 21,000 level provides enough resistance not to miss the pair higher. If the BTC/USD pair manages to ascend above this level and hold, it will try to go to the 21,700 area. It is high on June 21st. Breaking this level will help the BTC/USD pair rise to the area of 22,000.
If the BTC/USD pair fails to rise to the 21,000 area, we will see new attempts to go below 20,000. This level provides enough support for now. But if the BTC/USD pair breaks down at this level, we will see a move to the next support level at 19,650. A breakdown below the 19,650 support level could resume the downtrend in the near term.