BTC was priced at $31600 at the beginning of June, but its price started to fall by mid-June, where it reached $20320.
This was the longest decline in the price of bitcoin recently. After that, the price of BTC showed some signs of a correction, but it has not fully recovered yet.
BTC has traded as high as $20,635 and as low as $19,546 on various exchange platforms in the last 24 hours. The BTC/USD pair is currently trading at $20,321 and looks to be consolidating in a narrow range.
Technical indicators are giving mixed signals as the RSI is currently at 36.85 while the MACD bars are green, a sign that the price may start to move higher.
Bollinger Bands are narrow which is a sign of low volatility in the market. The MACD line is above the signal line but the histogram is green indicating a bullish trend in the market.
The candlesticks are trading above the lower Bollinger Bands which is a bullish signal. Support levels are at $20000 and $19000 while resistance levels are at $21000 and $22000.
The market looks uncertain as various technical indicators are giving mixed signals. If the BTC/USD pair breaks the $21000 resistance level then the market could start an upside move.
Bitcoin price is expected to continue its consolidation in the near term as it remains in the range between $19,000 and $21,000.
A break above $21,000 could lead to a move towards $22,000, while a break below $19,000 could extend to $18,000.