BTC Holding at Critical Fall, Will Price Retrace Back to $22k?

• BTC price prediction ranges from $21000 to $22,800.
• The price of the coin dropped by 10.8% since August 19, 2022.
• BTC bearish market price prediction is $20,212.

Bitcoin (BTC) experienced a sharp drop over the last five days, and it has since been trying to recoup its losses by consolidating. Since major market cap holders like Bitcoin and Ethereum (ETH) could not break out of their current resistance zone, many of the coins are pulling a retrace back to the downtrend.

Since August 19, 2022, BTC has dropped from its hourly close of around $23,335 to its current level, which is $21,390 at the time of writing. This follows a 24-hour price rise of 1.16%, as reported by CoinMarketCap.

Looking at the 1-Hour chart of BTC/USDT, we can observe that the candles are forming a bear flag that has been falling from the strong resistance region of $24,000 on August 17, 2022.  Now, the market is going sideways inside a bullish flag. Due to the nature of the bear flag, the price has an impulse to the move downside and forms a tight continuation pattern. We can forecast that the next impulsive leg will head to the downside.

Based on the daily chart for BTC/USDT chart, the daily candle touches near the support zone of $20454.92-$20745.72, and it’s going for a reversal after having buyers put order blocks at $20872-$21,323 on Tuesday. But it still hasn’t broken the 200 EMA line in the 4H chart, and it’s going sideways.

According to Coinmarketcap, Bitcoin is trading at $21,398.94, at the time of writing, with 19,130,406 BTC in circulation. BTC has a 24-hour trading volume of $21,068.85.

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