Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?

30 Jun, 2022

Editor

From the past 5 years I am 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. Reach out to me at brian (at) coingape.com

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Key points:

The daily-RSI slope nosedived into the oversold territory.
the BTC price is threatened with a more 5% fall if it shows sustainability at its current level below $20000.
The intraday trading volume in the Bitcoin is $25.2 Billion, indicating a 1.63% loss.

BTC/USDT Chart Source-Tradingview

A 21.3% recovery boost the BTC/USDT pair witnessed last week surged to the $21783 mark. However, the recent tragic news of the renowned venture capital firm-Three Arrows Capital, hitting a margin call on its over-extended long position caused a significant impact on the crypto space.

As a result, the BTC price turned down from the $22000-21783 resistance zone and depreciated 13%. The five consecutive daily-red candles reflect aggressive selling in the market, as it undermines the previous recovery rally.

Today, the BTC price is down by 5% and offers a decisive breakdown from the $20000 psychological level. Thus, a candle closing below this level would continue the downward spiral to June low support of $18000.

However, this psychological support aligned with a 0.786 Fibonacci retracement level mounts strong support for coin holders.

If buyers manage to defend it, the replenished bullish momentum has a better chance of breaching the $20000 mark.

Technical Indicator

RSI indicator: the RSI slope breached the 14-SMA line and entered an oversold territory with today’s price drop, accentuating a high selling pressure in the market.

EMAs: the BTC price trading below the fast-moving 20 EMA among the bearish sequence of crucial EMAs(20, 50, 100, and 200 EMAs) indicates the downtrend is in full throttle.

Resistance level- $20000 and $22000
Support level- $18000 and $16000

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.