Thursday, December 8, 2022
 

Daily Technical Indicators Suggest BTC’s Price May Fall More

  • BTC’s price climbs back above the $20,000 level after a rough weekend.
  • The 24-hour trading volume for the market leader has dropped by 39%.
  • Technical indicators still show that bears have the upper hand.

The crypto market leader, Bitcoin (BTC), is slightly down at the time of writing, according to CoinMarketCap. Currently, BTC’s price is trading at just over the $20,000 level at $20,032.25, a 5.16% drop in strength over the last week. BTC also witnessed a 0.77% drop in price over the past 24 hours.

This weekend saw BTC’s price sink below the $20,000 level after fears that Mt. Gox creditors will initiate a sell-off using the BTC funds owed to them. Since then, however, BTC’s price has clawed back to above $20,000.

The 24-hour trading volume for BTC has fallen by approximately 39% at the time of writing, bringing the figure down to $26,690,356,289. The 24-hour price drop has also brought down the market leader’s market cap to around $383,401,681,559.

Daily chart for BTC/USDT (Source: CoinMarketCap)

On the daily chart for BTC/USDT, the price of BTC attempted to break above the 9 EMA level 2 days earlier but was unsuccessful in this attempt. This resulted in BTC’s price being corrected by a wave of sell pressure – bringing it down below the 9 EMA line.

BTC’s price currently rests on an immediate support level. However, there are technical indicators that suggest that bears still have the upper hand. The first bearish technical flag is the RSI being positioned below the RSI SMA line in oversold territory. Next is the MACD line that is positioned below the MACD signal line.

With this being the case, BTC’s price could fall to $19,338 if the current support fails to hold.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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.

  • BTC’s price climbs back above the $20,000 level after a rough weekend.
  • The 24-hour trading volume for the market leader has dropped by 39%.
  • Technical indicators still show that bears have the upper hand.

The crypto market leader, Bitcoin (BTC), is slightly down at the time of writing, according to CoinMarketCap. Currently, BTC’s price is trading at just over the $20,000 level at $20,032.25, a 5.16% drop in strength over the last week. BTC also witnessed a 0.77% drop in price over the past 24 hours.

This weekend saw BTC’s price sink below the $20,000 level after fears that Mt. Gox creditors will initiate a sell-off using the BTC funds owed to them. Since then, however, BTC’s price has clawed back to above $20,000.

The 24-hour trading volume for BTC has fallen by approximately 39% at the time of writing, bringing the figure down to $26,690,356,289. The 24-hour price drop has also brought down the market leader’s market cap to around $383,401,681,559.

Daily chart for BTC/USDT (Source: CoinMarketCap)

On the daily chart for BTC/USDT, the price of BTC attempted to break above the 9 EMA level 2 days earlier but was unsuccessful in this attempt. This resulted in BTC’s price being corrected by a wave of sell pressure – bringing it down below the 9 EMA line.

BTC’s price currently rests on an immediate support level. However, there are technical indicators that suggest that bears still have the upper hand. The first bearish technical flag is the RSI being positioned below the RSI SMA line in oversold territory. Next is the MACD line that is positioned below the MACD signal line.

With this being the case, BTC’s price could fall to $19,338 if the current support fails to hold.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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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