Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold? - BitcoinEthereumNews.com

BitcoinBitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold？07/01/2022Bitcoin Ethereum News

Published 18 hours ago

The five consecutive red candles in the daily time frame chart indicate a sudden turnaround in the Bitcoin(BTC) recovery rally. Furthermore, a gradual rise in volume activity during the downfall validates a genuine reversal. The sustained selling pressure teases the coin price may fall to June low support of $18000.

Key points:

• The daily-RSI slope nosedived into the oversold territory.

• the BTC price is threatened with a more 5% fall if it shows sustainability at its current level below $20000.

• The intraday trading volume in the Bitcoin is $25.2 Billion, indicating a 1.63% loss.

A 21.3% recovery boost the BTC/USDT pair witnessed last week surged to the $21783 mark. However, the recent tragic news of the renowned venture capital firm-Three Arrows Capital, hitting a margin call on its over-extended long position caused a significant impact on the crypto space.

As a result, the BTC price turned down from the $22000-21783 resistance zone and depreciated 13%. The five consecutive daily-red candles reflect aggressive selling in the market, as it undermines the previous recovery rally.

Today, the BTC price is down by 5% and offers a decisive breakdown from the $20000 psychological level. Thus, a candle closing below this level would continue the downward spiral to June low support of $18000.

However, this psychological support aligned with a 0.786 Fibonacci retracement level mounts strong support for coin holders.

If buyers manage to defend it, the replenished bullish momentum has a better chance of breaching the $20000 mark.

Technical Indicator

RSI indicator: the RSI slope breached the 14-SMA line and entered an oversold territory with todays price drop, accentuating a high selling pressure in the market.

EMAs: the BTC price trading below the fast-moving 20 EMA among the bearish sequence of crucial EMAs(20, 50, 100, and 200 EMAs) indicates the downtrend is in full throttle.

• Resistance level- $20000 and $22000

• Support level- $18000 and $16000

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.