Bitcoin price completed a bullish “golden cross” pattern on Tuesday, causing the prices to jump higher. However, the BTC price failed to hold momentum and fell below the $23K level.
The BTC price fell nearly 4% in a day to hit a low of $22,458 today. Bitcoin price is now under pressure due to several reasons such as rising FUD in the crypto market, macroeconomic factors, and profit-taking at higher levels.
Bitcoin Price To Fell Below $20K?
Popular crypto analyst Michael van de Poppe in a tweet on February 9 said Bitcoin price has hit the support level of $22.5K again. Liquidity moved out of the market as investors book profits at higher levels amid market uncertainty.
While he believes the correction is technically over, an upside move above $22,800 will confirm the prediction. Bitcoin has mostly been moving near the $23K since mid-January. Thus, a possibility of a fall to $21,700 still exists. Traders speculate a fall to $20K is likely not in focus despite present market conditions.
Bitcoin price trend also completed a “golden cross” pattern as 50-MA (red) crossed over 200-MA (blue) in the daily timeframe on February 7. While the “golden cross” is a bullish pattern that can extend Bitcoin’s 40% rally in January, the current market conditions restrict an upside move.
The formation of the Golden Cross during the last bear market of 2019 resulted in a 154% price rally in the BTC price. If the same thing repeats, we could see Bitcoin trading at more than $57,000 this year.
The RSI falling to 69 also hints at a weak Bitcoin price in the next few days. BTC price is still under correction and can fall even more. At press time, BTC price is trading at $22,700, down over 2% in the last 24 hours.
Also Read: “Operation Choke Point 2.0”: Is US Planning Crackdown Against Crypto Market?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
16 total views, 2 views today
Leave a Reply