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The Bitcoin(BTC) price has dropped to a new 2022 low of $20178, accounting for 70% loss since the November All-Time High of $68789. Thus, the coin price tested the shared support of $20000 and 0.786 FIB level, trying to replenish the bullish momentum. An expected pullback due to the oversold signals from indicators could offer relief rally to $24000 or $28000.
- The oversold RSI indicates aggressive selling in the market
- The $20000 psychological support may trigger minor pullback in BTC price.
- The intraday trading volume in the Bitcoin is $32.6 Billion, indicating a 27.48% loss
During Mid May to June, the combined support of the $28500 and 0.618 Fibonacci stalled the ongoing bloodbath in the crypto market. However, the resulting consolidation eventually ended on bearish note as the BTC/USDT pair breached this bottom support on June 11th.
This support fallout indicated continuation of prevailing downtrend and deprecated the BTC price by 29.3%. The downfall breached crucial psychological support as $26000, $24000 and now has recently tested the $20000 mark.
Today, the BTC price is up 3.36% but lack of volume rise indicates weakness in the bullish commitment. Thus, If the selling persists the coin price may pierce the $20000 support as well.
Below the $20000 mark, the nearest significant support level the coin holders can expect is 10% lower at $18000 level aligned with 0.786 FIB level.
However, the coin price dropping to a low level such as 0.786 FIB is considered weakness in technical analysis, suggesting the buyers need
The daily-RSI slope nose dived into the oversold region indicates the crypto crash has overextended the selling pressure. Moreover, the BTC price hovering above an important psychological level($20000) with RSI at 23%, indicates the traders may witness a bullish relief rally before the price starts to fall again.
A bearish alignment among the crucial DMAs(20, 50, 100, and 200) reflects an overall downtrend. The sudden price drop has increased the gap between the price and DMAs, accentuating aggressive selling.
- Resistance level- $24000, and $28000
- Support level- $20000 and $18000
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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