- Bitcoin price has marked a new yearly low.
- Bitcoin price shows significant bearish volume interest on the 8-hour chart.
- Invalidation of the downtrend is a breach above $25,500.
Bitcoin price reacquaints 2020 areas of interest as bear press $23,000. Increased volatility is likely to occur in the coming days.
Bitcoin price revisits nostalgia
Bitcoin price has experienced a devastating decline to start this week’s trading session. BTC price is now consolidating in an uncertain spot. The steep decline has breached all short term bullish ideas and will likely steer traders away from buying too soon. The bears have successfully pushed the price into levels unseen since 2020. If this is the final low for Bitcoin, smart money will certainly create a zone in order to accumulate large orders of the peer-to-peer digital currency.
Bitcoin price currently trades at $23,700. The bears have established 2 strong engulfing candles on the 8-hour chart accompanied with an immense influx of volume. The Relative Strength Index has a significant low in the vicinity of the current price action dating back to 2019. Bitcoin’s reaction to this key RSI level could be an early market bottom indicator if market conditions continue to push the BTC price in such a free-fall manner.
Bitcoin price hovers inches above the 200- week average. This provides further confluence of a zone to form in the current $23,000 price level. If the 200- week moving average fails to provide support, expect an armageddon style collapse into the 2017 highs at $19,798.
Bitcoin/USDT 8-Hour Chart
A risky invalidation level could be a break and close above $25,500. A break above this level could send prices back towards $28,000 which would relay a 20% increase from the current Bitcoin 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.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?