This was a great run, until it ended. Last week was an exciting time for crypto markets, with a sharp drop of 3.06% at $1.01 trillion Monday. At the beginning of the week, Bitcoin was along with Ether and Solana.
Bitcoin lost its momentum and fell short of the gains made in the last few days. This allowed Bitcoin to reach its amazing one-month peak at $23,000, before it plummeted below $22,000 on Monday.
Bitcoin trades at a price of $0.01 as of the writing. Data from Coingecko shows that $21,850 was down almost 5 percent over the past 24 hours.
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BTC Prices Can Test $25K Within the Next Days
Bitcoin prices have been stable and held at $23,000 with only a small drop in price over the last few days, especially since sellers dominate the crypto market.
The crypto was able to successfully breach the ascending pattern and now retests the pattern’s resistance levels. BTC now targets $31,300 as the key resistance level. In the coming days and weeks, the price may still reach the $24,000 mark.
BTC has recently fallen into a downward correction. At the $22,700 level, a break in the main bullish trend for BTC/USD pairs was seen. It is expected that the pair will suffer a huge drop if it falls below $21,450.
BTC may drop further if it cannot remain afloat, or rise above $21,800. The $21,500 support level is expected to be close. If the support level is below this, it could send the price down to near 20,000.
BTC market capital at $418 billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Elon Musk BTC Announcement Causes Bitcoin’s Downtrend
Elon Musk, Tesla CEO and Bitcoin spokesman announced last week that 75% of all his Bitcoin holdings had been sold.
Bitcoin was trading at over $24,000. But the bears were able to catch up with it in the $23,800 area. It reached a new high of $23,744, before falling to its lowest level. After a sharp rally Bitcoin dropped to $22,000 right after having risen above $23,000 in the previous week. BTC managed to retain its gains of 6% from the previous week despite the decrease in selling pressure.
BTC might rise towards the $24,000 area soon after the surge of seller power. But, it is possible that BTC may plunge below the current $20,000 level.
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