- Bitcoin hovers at $20,268 and cannot break out of the 200 MA.
- The price of the coin dropped by 0.90% within 24 hours.
- BTC’s bearish market price prediction is $19,532.
Bitcoin‘s price has fluctuated wildly over the past few days. After plunging from $25,162 on 15 August 2022 and nearing the resistance zone of $19,500 on 28 August 2022, Bitcoin has now pulled back to the $20,000 level.
Bitcoin’s price has fluctuated wildly over the past few days. After plunging from $25,162 on 15 August 2022 and nearing the resistance zone of $19,500 on 28 August 2022, Bitcoin has now pulled back to the $20,000 level.
Bitcoin, no.1 in the market capitalization, has been facing crypto winter since last year. It has been forming many bear flags, and the price wasn’t able to break out of the upper side of the bear flag and has been declining since then. The above 1-hour chart of BTC/USDT shows us that BTC has been forming another bear flag, and it suggests that the preceding downtrend is likely to occur.
The price is slowly approaching 200 MA at 25,000. Before breaking out the 200 MA line, BTC can have a few up-and-down spikes because of the turbulence zone. The relative strength index (RSI) value of BTC/USDT is 60.9. RSI value above 50 means that investors are eyeing and buying Bitcoin, which results in a price increase.
Investors can use the Fibonacci retracements tool to place entry orders, determine stop-loss levels, or set price targets. If the price cannot break out of the resistance 1 level of 0.382, the current Fibonacci level of 0.382 acts as significant resistance 1. If the selling pressure is higher than buying pressure, the price can drop to $20,086 and even as low as $19,532. But if it breaks out of the 0.382 Fibonacci level, the price can rise as high as $20,984, resulting in an uptrend.
At the time of writing, there are 19,137,281 Bitcoins in circulation, and the price is at $20,258.57, as reported by Coinmarketcap. There was $35,549,787,536.71 worth of Bitcoin traded in the past 24 hours. Also, there has been a price decrease of 0.72% within the past 24 hours.
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