Bitcoin Analysis: BTC Cannot Find a Way to End its Crypto Winter

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  • Bitcoin hovers at $19,953 and has more potential to drop further.
  • The price of the coin dropped by 8.01% within 24 hours.
  • BTC’s bearish market price prediction is $17,000.

Bears have been slaughtering the bulls in the crypto market. Bitcoin, the crypto king, has had a massive fall of $1,604 from the $20,000 price area within the past 24 hours. It has a 24-hour price high of $20,087.51 and a low of $18,390.32.

BTC/USDT 4-Hour Chart (Source: TradingView)

The initial support zone at $19,000 has been shattered, and the price of BTC/USDT is now falling toward $18,000 on the 4-hour chart. If the price does not turn back up from its current support level, it will drop to around $17,000. However, if the trend were to reverse, the price may go back up to test the $20,000 level of resistance.

BTC/USDT 1-Hour Chart (Source: TradingView)

Above is the 1-hour analysis chart of Bitcoin/USDT. The chart shows that Bitcoin is trading below the 200MA, where traders are looking for opportunities to enter their short positions. The RSI value currently sits at 15.75, meaning the coin is oversold. Typically, investors look for opportunities to buy if the RSI is below 20. But for a better risk-to-reward ratio, investors should wait for a few confirmation patterns to enter their trades.

The average directional index (ADX) determines when the price is trending strongly or not. The current market trend is quite strong, as shown by the ADX rating of 52.63. A bearish order block was found at $20,102 on 18 September 2022, meaning that traders started to enter their short positions and dump the market since then.

At the time of writing, there are 19,154,793 Bitcoins in circulation, changing hands at $19,953, as reported by CoinMarketCap. In the previous 24 hours, $37,412,836,136.13 worth of Bitcoin was traded. Additionally, the price has decreased by 8.01% over the past 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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