© Reuters. Bitcoin is Still in Bearish Rally With a 1.29% Drop in 24 Hours
- hovers at $20,100.46 and cannot break out of the 200 MA.
- The coin’s price dropped by 1.29% within 24 hours.
- BTC’s bearish market price prediction is $19,344.01.
In contrast to the previous days’ bullish trend in the crypto market, BTC bears kept up with their bearish rally within the past 24 hours. The last daily candle is closed with a bullish spinning top.
BTC/USDT 1-Hour Chart (Source: TradingView)
When looking at the 1-hour chart of BTC/USDT, it is clear that the market sentiment is completely bearish as the crypto king is trading below the 200 MA. Market makers started selling Bitcoin at $20,342.42 and have held the position ever since, creating a bearish order block at that price.
Looking at the other indicators to measure the market volatility, the RSI for BTC/USDT is currently at 41.25. When the RSI falls below 50, buyers are scarce, and sellers consider cutting their losses on Bitcoin.
The Average Directional Index (ADX) indicator is used to gauge whether or not the price is aggressively trending. Given that the ADX is now over 25, indicating that the market is very volatile and the bears have taken control, the current value is 37.84.
BTC/USDT 1-Hour Chart (Source: TradingView)
Bitcoin is trading inside the descending channel, and a downside breakout from a descending channel indicates a higher selling intensity. The potential bearish support lies around $19,097.27 to $19,344.01, and the possible resistance is between $20,984.84 and $20,818.29.
According to the data from CoinMarketCap, there are currently 19,151,075 BTC in circulation, and it has reached $20,100.46. In addition, Bitcoin was exchanged at a value of $38,525,280,579.46 throughout the past 24 hours. Furthermore, the price dropped by 1.29% on the last day alone.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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