Bitcoin Price Prediction: BTC at Two-year Low, Buyers Trying to Recover Their Losses

• The price of bitcoin hit a two-year low of $15,588 amid the current crisis.
• Amid the recent price correction, the bulls again found a higher price rejection at the 20 hourly SMA.
• The market cap is green 3.6% in the last 24 hours and is $333.5 billion.

The crypto market’s king, Bitcoin, has been steadily declining in recent days as a result of the FTX crisis. BTC has dropped to a two-year low of $15,500, resulting in the market with a $200 billion damage. This price drop has impacted market position, with several altcoins dropping more than 20% this week.

This unexpected drop was initiated by a buyer rally. Bitcoin fell to $17,000 within hours of reaching a multi-week high above $21,500. Bitcoin dropped again yesterday as the crisis worsened. Finally, bitcoin dropped to $15,500, its lowest point since November 2020. Buyers currently regard the 2022 low as an immediate support level.

After hitting a novel yearly low, the BTC price recovered last night. Resulting in, Market cap is green by 3.6% in the last 24 hours at $333.5 Billion. And the live price stays at $17,330 at the time of writing. Although, 4 hour price scale is drawing a higher-low pattern due to recovery, bulls again got higher price rejection at the 20 hours moving average.

Due to yesterday’s price rise, Market cap is green by 3.6% in the last 24 hours at $333.5 Billion. But it fell at $300 Billion amid hitting the yearly low. Although, trading volume decreased 32% in the last 24 hours and reported at $73.4 Billion. 

Undoubtedly bears have been dominating the BTC price since it’s all-time high. Thus bears have set selling orders at 20 DMA on the daily price chart. Meanwhile, Stoch RSI dipped into the oversold zone, still remaining in this zone. On the other hand, simple RSI bounced back from lowest levels. 

Conclusion 

Bitcoin BTC price is cooling down because the market is highly volatile now compared to other sessions. Buyers need to move the BTC price above 20 DMA in a 4 hour chart.

Support level – $17000 and $15500

Resistance level – $20000 and $21500

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.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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