Bitcoin Retreats Over Last 6 Sessions As BTC Bulls Chart Their Next Move
26 Luglio 2022 - 03:01PM
NEWSBTC
Bitcoin (BTC) has dropped for six consecutive days in a row. It’s
currently declined by 54% as of this writing. The king of
cryptocurrency plunged by 4.3% and traded under $22,000 on Monday.
It has increased by 14% last week yet ended with a retracement. On
Sunday, BTC prices have improved a bit by 14%. The slight spike in
price marks the traders’ massive sell-off happening at the $23,000
range or BTC being sent to exchanges. BTC volume or flow towards
exchanges has increased in the past 24 hours. There was a marked
increase in terms of net deposits implying the large volume of BTC
being moved to exchanges that can help them exit their current BTC
position. Buying window is seen from July 14.
Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In
Last 24 Hours BTC Prices Show Resistance At $23,000 More so, it is
expected that BTC prices will continue to be consistent showing
some support at the $20,500 range and resistance seen at around
$23K. We should be paying close attention to GDP growth statistics
on Thursday as analysts estimated a growth of roughly 0.5%.
Meanwhile, a GDP that hovers below 0.5% will give away a bearish
movement for both the digital and traditional markets. A negative
sentiment is predictive of the possibility that the economy will
move into recession. If in case the price range doesn’t hold up at
$22,000, Bitcoin may fall in a heap at $19,000. It’s apparent that
BTC is attempting to keep with the tremendous selling pressure
initiated by the bears. Bitcoin has had massive gains since June 18
wherein the digital gold jumped from $20,700 to as much as $23,800
in just two days. BTC total market cap at $401 billion on the daily
chart | Source: TradingView.com Will Bitcoin Price Bottom Out? Now,
it’s dangerously leaning towards $19,000. But, can Bitcoin really
bounce swiftly to this uncomfortable figure? With the large inflows
present in the market, this dangerous bounce to $19,000 is a
possibility and can pose a huge problem in the market. There are
different factors supporting the possibility that the recent
towards $23,000 was in fact a bear pit as BTC was able to breech
the resistance and then was able to revert back, leaving the bulls
suffering incremental losses. Suggested Reading | TRON Bulls
Are Back To Pump Some Energy Into TRX Coin BTC is said to be in the
process of bottoming out following its gains of 25% and then
cascading down to $17,500 on June 18. Bitcoin’s minimal loss
suggests that BTC Bulls are cooking up their next move. BTC is seen
to be oversold due to its weak RSI in June 13. This seems like a
familiar trend when BTC’s RSI also dropped to 20 in March 9 and
consequently rallied to $69,000 in November 2021. Featured image
from Coinpedia, chart from TradingView.com
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