- Bitcoin price crashed below $25000 and is still trading with strong downtrend momentum.
- The traditional crypto-asset falters below the 20, 50, 100, and 200-days Daily Moving Average.
- Bitcoin investors need to wait until small whales get activated to stop this peer selling pressure.
Bitcoin price is showing the signs of a bear market to its investors. The token broke down from the consolidation phase and is still bearish over the chart. This market crash haunts the cryptocurrency investors and BTC must accumulate buyers to surge. However, bears are overpowering the current situation and the token is facing rigorous selling for the last 7 consecutive trading sessions. This bloodbath is due to the ongoing calamity of the bear market. BTC investors need to wait until the traditional cryptocurrency signals any sign of recovery. Bitcoin price falters at the lowest level from December 2020. BTC plummeted around 13% in the last 24-hour period.
Bitcoin price is presently CMP at $23686 and has lost 13% of its market capitalization in the last 24-hour period. However, trading volume has increased by 100% in the intraday trading session. This shows that buyers are still trying to save the token from falling significantly. The volume to market cap ratio is 0.1396.
Bitcoin price falters below $25000 and is trading with strong downtrend momentum over the daily price chart. BTC price has plummeted around 13% in the last 24-hour and 25% in the last 7 consecutive trading sessions. This means BTC has been falling for one week now and it falters to gain support from buyers. However, small whales must come forward to activate the uptrend momentum. But sellers are getting attracted to the trade and buyers are also getting converted to sell as fear and panic are all around the cryptocurrency market. Volume change can be seen above average and also in favor of bears.
Bitcoin price: Technical Indicators
BTC price is trading with strong bearish momentum over the daily price chart. BTC must accumulate buyers in order to gain the uptrend momentum. Technical indicators suggest the downtrend momentum of BTC. Moreover, the supertrend suggests the bearish momentum of BTC due to the bear market. Relative Strength Index showcases that BTC is being oversold at the moment. RSI is at 26 and BTC investors need to wait until RSI returns from the oversold territory or for any other bullish signal.
MACD exhibits the strong downtrend momentum of BTC. The MACD line is below the signal line after a negative crossover. This shows the BTC’s current bearish rally and its intensity.
Conclusion
Bitcoin price is showing the significance of a bear market to its investors. The token broke down from the consolidation phase and is still bearish over the chart. This market crash haunts the cryptocurrency investors and BTC must accumulate buyers to surge. BTC plummeted around 13% in the last 24-hour period. Technical indicators suggest the downtrend momentum of BTC. BTC investors need to wait until RSI returns from the oversold territory or for any other bullish signal. The MACD line is below the signal line after a negative crossover. This shows the BTC’s current bearish rally and its intensity.
Technical Level
Support Level: $22600 and $20000
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
