Bitcoin has fallen below $20,000, and it appears to be on the right track to test its lowest point. Although it showed some signs of recovery, the cryptocurrency was rejected just below $22,000 at its critical resistance.
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At the time of writing, BTC’s price trades at $19,800 with a 3% and 2% loss in the last 24 hours and 7 days respectively.
Recent market update, trading desk QCP Capital addressed the factor that might contribute to BTC’s price moving sideways for the foreseeable future. The upcoming Mt. These included the upcoming Mt.
Concerning the possibility of Mt. QCP Capital wrote about the negative impact of Gox repayments on Bitcoin and crypto markets.
Given the many theories and cross-arguments surrounding this release, it is difficult to predict the impact. The main conclusion is that BTC supply will likely flood the market in the near future.
Bitcoin could face some downside pressure, which would allow Ethereum and other altcoins to have some breathing space. After a prolonged period of increasing Bitcoin dominance, the sector could see some positive changes.
As QCP Capital stated, the worst case scenario would be additional selling pressure on Bitcoin. This could lead to prices falling further into bearish territory or hitting their yearly lows. Mt. Gox’s unlock schedule, and if the victims will succumb to market uncertainty or wait for BTC’s price to reclaim previous highs.
QCP Capital has made the following predictions about what Bitcoin could look like in the near future.
We’re not outrightly bearish at these spot levels but we think the sudden demand for call structures might have pushed the risk reversal levels a bit too much to the topside. Our base case continues to be sideways trading with the risk of sharp dips and upside capped (…).
How could Bitcoin be pushed back into the Green?
Tomorrow’s U.S. Consumer Price Index (CPI), print will be published. The market expects a drop in this indicator after an aggressive U.S. Federal Reserve (Fed).
Crypto market might see relief if CPI prints indicate a decrease in inflation. As major resistance and support levels, $18,600 will still be in effect.
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Ali Martinez, an analyst is also included. indicated that Bitcoin is sitting at an “important demand wall”. Bitcoin is currently held at an “important demand wall” of 570,000 addresses. To the upside, $20,900 would be the next level you should watch for bullish momentum as shown in the chart below.
