Bitcoin price has been suffering from a prolonged bearish trend since hitting its all-time high. Many analysts are hailing this recent decline in BTC prices as an investment opportunity and some are expecting a further drop in prices after the pump as the crypto market sells on the rise.
Ever since the collapse of FTX, buyers have been burning through their savings and BlockFi recently filed for bankruptcy. These facts are hardly hurting the sentiments of the crypto market. So according to data from the last 24 hours, the total crypto market cap is $828.6 billion, which is down 2.19%.
On the hourly price chart, Bitcoin price stays above the $16000 mark, and has short-term support. Although ongoing price recovery is unable to meet buyers ‘ expectations, still gradually selling pressure is reducing. Meanwhile, speculators may tie BTC price amid $15600 and $18400 support and resistance.
Against the USDT pair, Bitcoin price is trading at $16590 mark at press time. This is the midpoint of the wide horizontal range and there is no directional trend until BTC stays sideways. Market capitalization fell 1.76% in the last 24 hours and reported at $318.6 Billion. Trading volume seems neutral at $33.3 Billion, reflecting buyers are not sure about recovery.
Traditional Indicators on Daily TIme Frame
The 20-day moving average is seen as a red zone of volatility and buyers lost this level during the bearish trend. Hence the buyers need to acquire this key area soon to avoid another decline in the price.
Finally, on the daily price chart, the RSI indicator seems to be in a recovery mood as its peak quickly reversed from the oversold region. Still, this is not a strong bullish sign. Notably, the Average Directional Index (ADX) continues to allocate high expansion and volatility in the price of bitcoin despite the sideways trend.
Conclusion
Bitcoin price went down again since last night but it is not a big drop compared to the previous fall. The RSI is lined up with the bulls, but the selloff sees a bigger issue in the market. Now the bulls need to hold the $16000 support.
Support level – $15,600 and $15,000
Resistance level – $18,400 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.
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.
Source: https://www.thecoinrepublic.com/2022/11/17/bitcoin-price-prediction-btc-price-below-17k-is-it-an-immediate-resistance/