BTC loses 15 %weekly, will hold $ 20,000 or is there another crash is imminent? (Bitcoin price analysis)
BTC loses 15 %weekly, will hold $ 20,000 or is there another crash is imminent? (Bitcoin price analysis)
The instability of the USDC from Circle triggered extreme fear on the market, as stable coins play a crucial role in the cryptocurrency industry. The price of Bitcoin was influenced by the latest turbulence and has decreased, but it is faced with a strong level of support.
from Shayan
the daily -type
Recently, the price of Bitcoin experienced a downward trend with a noticeable declining momentum after forming a three-drive reversal pattern and broken through the neckline. The recent turbulence in the USDC served as a catalyst for the declining trend and pressed the price of $ 19,000.
The price, however, sees itself on the sliding 200-day average of around $ 19.6,000 and tries to exceed it. This sliding average is a strong level of support, and the bears could find it difficult to press the price underneath.
Nevertheless, the daily time frame indicates that the declining momentum has weakened and that a short -term consolidation phase could occur before the next impulsive movement.
The 4-hour diagram
The price of Bitcoin has experienced a massive decline after he broke the critical level of support of $ 22,000, which led to successive large red candles. In addition to a correction, each impulsive trend also requires a cooling phase.
Bitcoin seems to have entered the middle trend correction phase after it has reached a decisive price level of $ 20,000. This level also serves as sentimental support. In addition, the level of 61.8 of the Fibonacci retracement for the recent upward trend with the level of support of $ 20,000 is in line, which makes it a considerable level.
Tradingview
Therefore, the price in the current region can consolidate and form a correction pattern before it tends downwards.
from Shayan
The cryptocurrency market has again entered into a phase of fear and uncertainty due to the recent turbulence at Circle and the collapse of SVB Bank. As a result, the market participants surrendered and sold their assets quickly to control their risks.
The key figure Funding Rates gives an insight into the mood of the dealers and has recently been impulsive, which coincides with a market cleanup of the Bitcoin price. Traders must be careful and closely observe the eternal market in the event of another sudden price movement.
Tradingview
Nevertheless, the market can become very volatile in the coming days without a specific direction.
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