- Bitcoin price dips into the $19,284-to-$20,726 demand zone, pushing into a point of a potential reversal.
- Ethereum price looks to find a stable support floor to trigger a breakout of the $1,284 hurdle.
- Ripple price might revisit the four-hour demand zone, extending from $0.286 to $0.306, in an attempt to rally.
Bitcoin price is retracing to a stable support area which suggests a potential rally might be on its way. This development has also pushed Ethereum, Ripple and other altcoins down before the recovery bounce appears.
Bitcoin price at a reversal point
Bitcoin price is dipping into the $19,284-to-$20,726 demand zone, which could result in a potential reversal that pushes BTC higher. This run-up could trigger a rally that could retest the $25,000 level.
For this to happen, Bitcoin price needs to flip the 200-week Simple Moving Average (SMA) at $22,629. Hence, investors need to wait for confirmation to position themselves in the right direction.
BTC/USD 1-day chart
While things are looking up, Bitcoin price needs to respect the $19,284-to-$20,726 demand zone to have a chance at the mentioned rally. A daily candlestick close below $19,284 will invalidate the bullish thesis.