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Bitcoin dropped to fresh lows close to the $20,000 mark early this week before finding some bids coming in. The crypto remains range-bound between $23,000 and $20,000 levels for now and needs to break out to decide the next larger move. Looking at the recent price action, there could be another drop below the $20,000 mark before resuming higher again.
Bitcoin has carved a meaningful downswing between $69,000 and $20,000, which ideally needs to be retraced. The recent downswing can be seen between $48,000 and $20,000, with immediate resistance around the $32,000-$35,000 zone. The asset can produce a rally in the near term before reversing lower again.
Bitcoin has still not confirmed a near-term bullish reversal in accordance with price action. We shall wait for further evidence on the smaller timeframes to update the same going forward. Aggressive traders might initiate long positions with a tight risk below the $19,000 mark which conservative traders are looking to stay aside for a while.
Preparing for a counter-trend rally at least towards $35,000.
Good luck!
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