Will Bitcoin(BTC) Price Drop to $20,000 Before the Day’s Close?

Bitcoin price is witnessing one of the dreadful times ever as the weekend trades turned out to be in favour of the bears. The price sliced through the crucial support zone at around $28,000 and plunged heavily to below another support zone at around $26,000. Currently, BTC prices are strongly heading towards the south and may end up testing the last line of defence at $24,300, which may keep up the price above $20,000. 

Bitcoin (BTC) Price Analysis

• The BTC price has currently crashed below the support levels at $28,436 after breaking out from the descending triangle, much before reaching the apex of the consolidation

• The plunge has currently dragged the price close to the crucial and the only support above $20,000 is between $22,500 and $23,800 

• The prices are required to either consolidate within these ranges or else prevent from sliding down below this range to keep the price above $20,000

• In the worst scenario, the price could continue with the downtrend and break the lower support with an extended bearish run

• In such a case, the day’s close could be below the support zone which can pave way for the price to test the support at $19,400

Bitcoin (BTC) Technical Analysis

• Bitcoin price after rejecting the major support zone may test one of the important weekly support levels at 200-day MA at around $22,479

• If these levels are also rejected, the asset may face a steep drop, which appears imminent as the MACD is extremely bearish

• On the other hand, RSI is also following a significant descending trend line and it testing the lower support for the first time after December 2018

• The ATR is highly volatile in the short-term, therefore, notable price action may be expected until the day’s end which may also be pretty risky 

• The Bitcoin (BTC) price, collectively is extremely bearish in all the time horizons and may continue plunging hard to reach the next support zone