Bitcoin Next Stop $13K, Will it Bring Bloodbath if Price Hit this level? 

• Bitcoin prices constantly focus on the next support level.
• Speculators follow selling on rise while Bitcoin price stays under bearish channel.

The world’s largest cryptocurrency Bitcoin has lost nearly 65% in the last 365 days. The bull run ended when Bitcoin price reached an all time top at $68.789 mark on 10 November 2021. Later on, digital currency holders witnessed the selling pressure and their portfolios are in red so far if they invested in late 2021. 

One of the biggest Bitcoin holders —- Grayscale has accumulated nearly 632.18K BTC in its portfolio, reduced in last 365 days from 644.95K BTCSatoshis. However, big whales are still keeping huge investments in wallets despite major crises. 

Technical Charts Cues Another Story of Bitcoin Price

Weekly chart of Bitcoin price clearly shows that valuation is constantly decreasing from the top. Following the trend, Speculators follow selling on rise while largest crypto stays under falling parallel channel. This long-term picture of an asset cues more decline from the current price levels in upcoming days. 

Notably the volatility seems less for the past several weeks because buyers are just averaging BTC so far. As per the previous levels, closer to $13K, Bitcoin price may set strong support before any significant rally.  

As of now, short sellers placed selling orders on swing highs like $18,300, $20,000, $25,000. On the flip side, the $15,480 level is spotted as crucial demand zone of buyers if they want to ignore bloodbath. 

Relative Strength Index (RSI) stays at 36 level on weekly chart, fails to favor bulls for long-term aspects. Conversely, MACD indicator is gradually expanding towards the neutral zone, hinting positive circumstances. 

Conclusion 

Undoubtedly, investors have a long-term bullish view on Bitcoin price despite massive dropdown. As per descending parallel channel, Bitcoin price may hit $13K level once before any rapid bullish rally ahead. Although, trading volume is low, so the next financial year 2023 could bring a roller-coaster ride for investors. 

Support level – $15480 and $14,000

Resistance level – $18,000 and $20,000

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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