Bitcoin (BTC) Price Prediction for April 20

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Written By Maya Cantina

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Sat, 20/04/2024 – 17:04

Cover image via www.tradingview.com

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Neither bulls nor bears are dominating at the beginning of the weekend, according to CoinStats.

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BTC chart by CoinStats

BTC/USD

The price of Bitcoin (BTC) has dropped by 1% since yesterday.

Image by TradingView

On the hourly time frame, the rate of BTC is in the middle of the narrow channel between the support of $63,458 and the resistance of $64,282.

As most of the daily ATR has been passed, any sharp moves are unlikely to happen by the end of the day.

Image by TradingView

On the bigger chart, traders should focus on the nearest level of $64,636. A further rise is only possible if the price of BTC fixes above it. Unless it happens, one can expect a correction to the $63,000 zone.

Image by TradingView

From the midterm point of view, the rate is far from the support and resistance levels. If the weekly bar closes around the current prices, ongoing sideways trading in the zone of $62,000-$66,000 is the more likely scenario for the next week.

Bitcoin is trading at $63,790 at press time.

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