• BTC price is inching towards a Relative Strength Index historical low.
  • Bitcoin price is on a steep decline.
  • Invalidation of the bullish scenario is a break below $28,799.

Bitcoin price steep decline spells for a capitulation event underway. More price decline is likely to occur, but traders should consider the bullish macro thesis event until $28,799 is broken.

Bitcoin price likely to tap $29,500

The Bitcoin price decline has analysts deeming the cryptocurrency market a bear market. Although the decline is quite powerful, from a macro perspective, the only way to truly validate the bear market opinion is a breach of the $28,799 level, which would invalidate the bullish Bitcoin triangle thesis

Bitcoin price is coming to a historical level on the Relative Strength Index. The 7% zone on the RSI was last touched in November 2019. Market bottoms are historically known to occur at extreme RSI lows. Thus an entry at this level, whether 30,000 or $29,000, will be a superb entry.

Tm/BTC/5/9/22

BTC/USDT 4-Hour Chart

 

The invalidation of the Bitcoin triangle remains at $28,799. If this level gets breached, a bear market would be genuinely underway. BTC price next targets would be $20,000 and $17,000, resulting in a 40% decrease from the current BTC price.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

Recommended content


Recommended Content

Editors’ Picks

Japan mulls lifting Bitcoin ETF ban, slashing taxes on crypto gains

Japan mulls lifting Bitcoin ETF ban, slashing taxes on crypto gains

Japan's Financial Services Agency has proposed a rule change to bring crypto assets under the jurisdiction of the Financial Instruments and Exchange Act. The proposal, to be reviewed on June 25, could pave the way for the listing of Bitcoin ETFs.

Bitcoin recovers as Iran-Israel ceasefire fuels risk-on sentiment

Bitcoin recovers as Iran-Israel ceasefire fuels risk-on sentiment

Bitcoin price stabilizes around $105,000 on Tuesday after a 4.33% gain on Monday, driven by easing geopolitical and regulatory concerns. Global risk appetite is increasing as the ceasefire between Iran and Israel, along with the Fed's softer stance on crypto-related banking, takes hold.

Crypto Today: Bitcoin, Ethereum, XRP consolidate gains after Israel-Iran ceasefire 

Crypto Today: Bitcoin, Ethereum, XRP consolidate gains after Israel-Iran ceasefire 

Tensions in the Middle East have taken the backseat after US President Donald Trump announced a ceasefire between Israel and Iran on Monday. Global markets, including cryptocurrencies, ticked up, boosting BTC's recovery above $105,000 at the time of writing on Tuesday.

Pi Network Price Forecast: Minor recovery teases trend reversal amid GenAI claims, Pi2Day

Pi Network Price Forecast: Minor recovery teases trend reversal amid GenAI claims, Pi2Day

Pi Network edges higher on Tuesday, holding above a crucial psychological and trendline support. The Pi Core team teases a potential Generative AI feature to be announced on Pi2Day, June 28.  

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin Weekly Forecast: The calm before the storm

Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP