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Bitcoin Price Analysis: BTC Holders Lost $28600 Support; What Next?

Bitcoin crypto cryptocurrecny market

Published June 12, 2022

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Over the past four weeks, the Bitcoin(BTC) price wavered between the $32000 and $28600 mark. However, on June 11th, the sellers settled this consolidation with a $28600 breakdown, suggesting an extension in the overall downtrend. Thus, this support fallout opens the door for another 5.2% fall before it hits the nearest support at $26700.

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Key points: 

  • The BTC price fell for the straight-six days, registering a 13.4% loss
  • The Daily-RSI plugged back to bearish territory 
  • The intraday trading volume in the Bitcoin is $34.5 Billion, indicating an 18.2% hike

BTC/USDT ChartSource-Tradingview

The early may sell-off in BTC/USDT pair took a breather near the $28500 mark as traders witnessed a high demand pressure. Furthermore, the coin buyers’ several attempts to recover from the new support resulted in a narrow range.

The growing uncertainty in the crypto market of whether the BTC price has found a bottom carried the consolidation phase for nearly five weeks. However, on June 11th, the coin price breached the aligned support of $28600 and the 0.618 Fibonacci retracement level, indicating the resumption of the prevailing downtrend.

Today, the BTC price fell 3.5%, providing an excellent follow-up on the support breakout. If the selling pressure persists, the coin price will plunge to the next support zone at $26700 to $26000.

However, an expected pullback may retest the flipped resistance of $28600 and replenish the bearish momentum for further downfall. 

Technical indicator-

The BTC price poked the lower band of the Bollinger band indicator, accentuating a sudden and unhealthy drop. This overextending selling supports the reversal theory to retest the $28600 mark.

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However, the daily-RSI indicators’ failed attempt to sustain above the equilibrium(50%) indicates the sellers have not accepted defeat. Furthermore, these downsloping slopes indicate growth in underlying bearishness.

  • Resistance level- $28600, and $32000
  • Support level- $26000 and $24000

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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