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Here Is How Bitcoin Can Drop to $19,000, Analyst Explains

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According to Blockware analyst Will Clemente, The market is at a turning point for bitcoin as the first cryptocurrency could fall below $20,000 if it falls from the range it has been consolidating in for the last 5 days.

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As the chart provided by Clemente shows, Bitcoin is currently holding on to the 200 WMA support line and highlighted price range, which are the only two factors holding it back from falling to the $19,000 level.

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A drop below $22,000 could bring digital gold back to a price level that the market has not seen in the last two weeks. The main problem with the current state of BTC is the lack of short-term support zones that will protect the cryptocurrency from falling into the abyss again.

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Thankfully, technical analysis is the only thing that says Bitcoin is losing control of $22,000. The data on inflows and trading volume are still growing, which is a direct signal of the continued support of the coin from the bulls.

Bearish news does not push bitcoin down

Fortunately, the recently discovered Tesla sale of 75% of its bitcoin holdings and the European Central Bank’s sharp rate hike have not caused any of the abnormal market volatility that is currently favorable to bitcoin.

As the analysis shows, Bitcoin needs a little more time to gain a foothold at local support levels in order to show the market a more stable rally in the future, as larger retail and institutional investors are still not ready to make any significant inflows into the cryptocurrency market.

At press time, BTC is changing hands at $22,722 and is showing a 1% gain over the last 24 hours.





Credit : u.today

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