The next few days are highly crucial for Bitcoin as there are several developments ahead, including the FOMC meeting scheduled for July 26-27.
The flagship currency recently reclaimed the $23,000 price level but unfortunately couldn’t hold on for long and plunged below the $22,000 range. At the time of reporting, Bitcoin is selling at $21,930, with a plunge of 2.65% over the last 24hrs.
Currently, the King currency is striving to rise against the selling pressure put up by the bears. However, if it fails, the currency might slide towards the $19,000 mark.
One of the most followed analysts and investment advisors, Will Clemente, took to Twitter to reshare his previous post of June 24. The strategist pointed toward the price range, which could bring Bitcoin to crossroads.
Clemente predicts that if the asset fails to rise and drops due to any reason, the market will see Bitcoin declining towards the $19,000 price level, effectively losing the brief bullish stance that it had taken on.
Was The Brief Upswing Just A Trap?
The current price movement of BTC suggests that a leg up towards $23,000 was nothing but a bull trap. Soon after Bitcoin claimed the $23,000 level, it dropped rapidly, harshly impacting those that bought it at this price point. Even the institutional inflows are negative.
However, this does not seem to be dampening the spirits of the market participants. Most analysts, investors, and traders are still optimistic about Bitcoin and believe that the currency will soon reclaim the $22,000 level.
Was this writing helpful?
Source: https://coinpedia.org/bitcoin/bitcoin-at-crucial-phase-btc-price-can-see-worst-case-if-drops-below-this-level/