Bitcoin Recovery Halts Near Crucial Juncture
The price of Bitcoin followed a downward path and fell sharply below the $20,000 support zone. The currency fell more than 10% and fell below the $18,000 level. The low price was at $17,600 before the price started an upward correction. The recovery wave was above the $18,000 and $18,500 resistance levels. In addition, the BTC/USD pair hourly chart showed a break above the primary downtrend line, With resistance close to $19,200.
Bitcoin climbed the 50% Fib retracement level to the key drop level from $22,950 to the low of $17,600. The price was above the $20,000 level and the average moving average in 100 hours. However, the bears were active near $20,500 and $20,750. The 61.8% Fib return key drop level from $22,950 to $17,600 also acted as resistance. The price is now trading at $20,000; Also, 100 hours of easy moving average below.
The instant resistance at the top is close to $20,200. The first significant resistance is close to $20,500. Any additional winnings could raise the price to $21,000. Closing above $21,000 could set a higher growth rate.
Bitcoin Decline
A new drop may begin if Bitcoin fails to clear the $20,500 resistance zone. Immediate support in the downward direction is close to the $19,500 level. The next significant support is close to $18,800. A drop below $18,800 support could lead to a sharp drop. In this case, the price can be $17,600.
According to the most prominent cryptocurrency, market capitalization, the price of BTC fell below $20,000 for the first time since 2020; Due to increased sales in the cryptocurrency market. It is worth noting that the last time the market witnessed a similar price movement on a weekly schedule was from the summer of 2019 to the spring of 2020.
Following the previous reduction in the BTC price on this scale was the 7-month rally in the BTC price. During this period, BTC established new all-time highs and had massive deliveries across the board. The currency’s price increased from about $4.5 thousand to $68,000 during this period. Although the current landscape of the crypto market looks awful at the moment, much can be expected from current price levels. The best strategy might be to wait for this bear to market.
