Bitcoin price again crashed below $21,000 after holding these levels firmly for quite a long time. The descending trend that began just after the price reached its highs, appears to approach its destiny very soon. As the BTC price is testing the lower support, displaying a possibility of a breakdown & forming a pattern much similar to the 2018 breakdown. However, the asset may further flip and regain the lost levels in no time.
The BTC price previously when smashed the highs close to around $19,000 had dropped hard to reach the lows at around $3000. No doubt, the price flipped hard and recovered to some extent, yet could not leap long close to its highs. Now when the asset is displaying a similar price action, the bottoms are formed somewhere below $16,000.
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As per the analyst here, the price is following a similar trend as it did just after reaching the 2018 peaks. Therefore, the asset is believed to drop hard as it did before and to find the bottom at around $15,700 in the first few days of July. Further, the price is expected to rebound firmly and with a V-shape recovery may regain the levels above $20,000 in the next 8 to 10 days.
Bitcoin has just accomplished a hidden bearish divergence as it did before and hence the upcoming bearish trend is been speculated. On the other hand, RSI is also displaying a similar movement which indicates the upcoming bearish trend. However, if RSI consolidates as it did before, then the BTC price may drop hard towards its bottoms very soon.
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Source: https://coinpedia.org/price-analysis/bitcoin-btc-price-primed-to-hit-22500-but-only-after-bottoming-hard-at-15800/