The crypto markets are falling down and the global market cap is slowly sliding closer to $1.05 billion from the yearly highs above $1.08 billion. This is driving the Bitcoin price lower as it just slipped below $22,400 but received a quick bullish move. While the price has been rising slightly in the past few hours, the bearish dominance is believed to prevail for some more time.
Hence, displaying the possibility of retracting by another 6% to 8% before undertaking the next plan of action.
Bitcoin price was presumed to make a move above $24,000 as the bullish Golden Cross was on the edge. However, the event did impact the BTC price by less than 3% which was neutralized quickly during the last trading day. Therefore, it would be premature to quote that the correction phase is accomplished as some more relief for the bears is yet to come.
A popular analyst here identifies the pattern of the BTC price trend in recent times. He says that if the BTC price closes the day’s trade above $22,800, then the better chance of flipping the bearish trend. Else, a dip toward the lower support of around $21,700 may also be quite possible.
Therefore, the day’s close may be extremely important for star crypto as the RSI is heading toward lower support. Additionally, the trading volume also has dropped, while the selling pressure is slowly mounting. Hence a drop may be expected if the price plunges below the pivotal level of $22,500.
Source: https://coinpedia.org/price-analysis/bitcoin-golden-cross-remained-unstirred-this-may-be-the-next-move-incoming-for-btc-price/