Bitcoin price analysis shows that the pair is far from the bottom, as bearish market sentiment shows another decline. The BTC / USD pair is struggling to exceed $ 21,000 due to the large number of sell orders lined up first. The panicked trader is dumping his holdings because the exchange is not cooperating.
Aggressive rate hikes by the Federal Reserve have raised concerns among general investors who are likely to flee to safer assets. Historical rate hikes only push up bearish sentiment and can lead to stagflation or recession if things get worse. The news about Celsius and Three Arrows Capital (3AC) is another reason why the market is constantly bottoming out.
Bitcoin Price Analysis Over The Last 24 Hours: Never Escape the $ 21,000 Barrier
Market participants are no longer interested in big bets since the market fell below $ 20,000 and touched on the psychological barrier of $ 20,000. The inflows and outflows of volatile exchanges do not represent a safer scenario. On-chain data show that Bitcoin miners are also joining the bandwagon to increase the influx of BTC to the exchange.
In the last 24 hours, the market has been flooded with miners’ BTC, indicating that they expect further declines in BTC prices. Well-known investors and market experts don’t know where the market will bottom out. Well-known cryptocurrency figure Mike Novogratz said BTC could stop falling near $ 20,000, Ethereum It will reach $ 1,000 in the near future. However, given that BTC is below the $ 20,000 area, this has proven to be wrong. Whether prices are stagnant near the mark is a completely different matter.
Bitcoin price analysis shows that the price has fallen further towards $ 19,900,000 and has stopped near $ 20,175. The short recovery period, which began on June 24, has not reached full-scale recovery. Bitcoin price analysis Shows that bears are reluctant to withdraw due to the large number of sell orders lined up near the $ 22,000 barrier.
BTC / USD 4-hour chart: Bulls empty long position on every bounce
Aggressive selling over the last 48 hours has undermined the Bulls’ credibility. Expectations for a quick and rapid recovery are shattered. The RSI index shows 21 readings and shows oversold market conditions on hourly charts. Any fast pull-up will certainly encounter a sharp sell in the opposite direction.
Bitcoin price analysis shows that the pair is ready to move sideways. The rebound is not quick. In the event of a sudden buy on the chart, the next Fibonacci retracement level to watch out for is $ 24,562, as it is a 50% retracement from the 25,900 level.
Bitcoin Price Analysis Conclusion: Traders are ready for another sale towards $ 18,000
BTC / USD prices are showing out-of-range movements over the next 24 hours. The rise will only resume if the trader crosses the $ 22,500 zone and safely lands in the $ 25,000 area. If the pair moves towards the $ 25,000 mark, traders are likely to move to the short-term $ 26,000 territory, which only shows a further rise.
The Bulls need to maintain momentum beyond the 20-day EMA, which is currently $ 27,700. However, these numbers are very optimistic given the current gloomy scenarios common in Bitcoin price analysis.