Bitcoin Price Below Psychological Level $22,000; Is The Next Stop At $17,000?
31 Août 2022 - 3:00AM
NEWSBTC
Bitcoin price over the last 24 hours moved south on its four-hour
chart. Very recently Bitcoin had rose above the $20,000 price mark
but the bears failed to hold the asset at that price mark. In the
last 24 hours, the coin was mostly consolidating on its chart. In
the past week, BTC fell by 9%. There was substantial demand in the
lower levels. The less demand in return was pulling the price of
the crypto below the immediate resistance mark. The technical
outlook for the coin was bearish given how sellers were active in
the market at the time of writing. If buyers don’t return to the
market, Bitcoin price will trade near its closest price level. It
will aim for a support level underneath that. It is important that
the coin moves above the $20,000 price level in the next trading
sessions else it would fall below the $18,000 price level. The
global cryptocurrency market cap today is $996 Billion, with a 2.7%
negative change in the last 24 hours. Bitcoin Price Analysis:
Four-Hour Chart BTC was trading for $20,600 at the time of writing.
For the most part in the last 24 hours, the coin was struggling
below the $20,000 price mark. The coin is still quite unstable at
the moment, it is to be seen how long the Bitcoin price will remain
above that price mark. The next stop for BTC if it doesn’t trade
near the next resistance level will be at $18,000. Overhead
resistance for the coin stood at $21,100. If the coin travels above
that then the next attempt would be to touch $22,000. On the flip
side, if BTC was unable to remain above the $18,000 mark, $17,000
doesn’t seem unlikely. Technical Analysis BTC had depicted
increased sell strength as prices fell. This indicated that there
was a demand at lower price levels. The technical indicators also
displayed increased bearish momentum. The Relative Strength Index
was below the half-line which meant sellers were more than buyers
in the market. Bitcoin price was below the 20-SMA line, this
reading is an indication that sellers were driving the price
momentum in the market. Related Reading: WATCH: Bitcoin Versus DXY
And The Dangerous TD9 Setup | Daily TA August 30, 2022 The coin’s
other technical indicators also indicated that the buying strength
was picking up on the four-hour chart. Moving Average Convergence
Divergence indicated the momentum and change in the coin’s price
trend. MACD was still positive with green histograms on the
half-line which pointed towards a buy signal. Chaikin Money Flow
signals capital inflows and outflows. CMF was peeking above the
half-line suggesting that capital inflows just exceeded the capital
outflows. Related Reading: Bitcoin aSOPR Rebounds From “1” As
Weakness Remains In Market Featured image from UnSplash, Charts
from TradingView.com
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