Bitcoin News Is Not For Sale

Please don’t skip this message — it only takes a few minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent media that is bitcoin-only is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 won’t break you, we hope.

To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send a Sats as a tip to a writer. Each and every one of our writers has an active tipping widget.

  • Join our campaign on Awesome perks are waiting for you such as the Bukele Blend Coffee.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

Bitcoin Price and Technical Market Analysis April 23rd, 2020

written by

Bitcoin Price and Technical Market Analysis April 23rd, 2020

Support free journalists: > send a tip

  • The fight for the critical price mark $7100 continues.
  • Bitcoin price continues to be in the consolidation $6800-7100.
  • The main scenario of Bitcoin price movement – the fall to $5500-5700 remains valid.

Yesterday was a positive trading day for buyers on Bitcoin market. Closing the daily candle at $7133, buyers completely covered the same aggressive sellers’ daily candle from 20 April. It is again confirmed by the fact that Bitcoin price is now in consolidation and we should expect breakthroughs of the critical points. In our previous analysis, we wrote that the first critical point for sellers is $7100. After fixing above this mark for a short time, buyers failed to continue their growth due to a lack of strength. And today, sellers have easily returned this mark to their control.

Therefore, the local situation is again fifty-fifty and it is sellers’ turn, as there is a favorable chance to test the range $6600-6800:

Bitcoin Price and Technical Market Analysis April 23rd, 2020

As we can see on the hourly timeframe, sellers have made corrections to their previous local growth. Now, they are trying to keep buyers below $7100. In horizontal volumes, Bitcoin price has again stopped in the liquid zone. And a rapid growth through such liquidity will not happen without the use of additional forces. If we talk about the density of buyer’s limit orders, it has significantly decreased. Currently, the bulk of buyers’ limit orders is in the range $6800-6900.

On a daily timeframe, for now we can see the equal forces of market participants:

Bitcoin Price and Technical Market Analysis April 23rd, 2020

As long as the price is below the red trend line, consolidation continues. Closing today’s daily candle below $7100, sellers will try to break through the growth channel bottom trend line from 13 March. Looking on the situation globally, our scenario remains valid. So, we expect the price fall in Bitcoin market with a final target $5500-5700. If we compare the weekly and the three-day timeframes, we can see that the price is gradually turning and due to the change in the balance of forces is present consolidation:

Bitcoin Price and Technical Market Analysis April 23rd, 2020

Sellers do not allow buyers to move above $7250. Buyers failed to update high last week. With each weekly candle, volumes continue to decrease.

According to the wave analysis in Bitcoin market, our main scenario has not lost its relevance. Yesterday’s growth of buyers corrected the first local wave of fall by 78.2%, which is the norm when creating a new trend:

Bitcoin Price and Technical Market Analysis April 23rd, 2020

Nevertheless, we continue to wait for Bitcoin price exit from consolidation for realization of the main scenario. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow on Twitter: @bitcoinnewscom
Telegram Alerts from

Image Courtesy: TradingView

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter


Latest on Bitcoin News

Video of the Week

Join our Newsletter