Bitcoin (BTC), which has been dropping for six consecutive trading days, is currently at 54%. It’s currently declined by 54% as of this writing. On Monday, the king of cryptocurrency fell by 4.3% to trade below $22,000 The price of cryptocurrency has risen by 14% over the past week, but it ended on Monday with a retracement.
BTC prices rose by 14% on Sunday. The slight spike in price marks the traders’ massive sell-off happening at the $23,000 range or BTC being sent to exchanges.
In the last 24 hours, BTC flow or volume has increased towards exchanges. Net deposits increased by a significant amount, which indicates that large volumes of BTC have been moved to exchanges that will help them out of their current BTC position. From July 14, the buying window will open.
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BTC prices show resistance at $23,000
It is likely that BTC will remain steady, with support in the $20,500 area and resistance at $23K.
Analysts have predicted a 0.5% growth in GDP on Thursday. We need to pay close attention. An economic growth rate of 0.5% or less will indicate that there is a negative trend in both digital and traditional markets. An economic recession is predicted by a negative mood.
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 saw huge gains in the past two days, with digital gold jumping from $20,000.00 to $23.800.
Source: TradingView.com| Source: TradingView.com
Bitcoin price to top out?
Now, it’s dangerously leaning towards $19,000. Is Bitcoin really able to bounce back so fast? The market is experiencing large inflows, so a dangerous jump to $19,000 could be possible. This can cause a serious problem.
The possibility exists that the recent move towards $23,000 may have been a bear trap. BTC broke the resistance but was then able reverse it, leaving bulls to suffer incremental losses.
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BTC appears to be near the bottom following gains of 25%, and then dropping down to $17.500 on June 18.
Bitcoin’s minimal loss suggests that BTC Bulls are cooking up their next move. BTC’s weak RSI of June 13 is causing it to be seen as oversold. 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