Bitcoin price analysis remains firmly in bearish territory once again as the sellers have bought the price under $20k for a second time in the past three weeks. In the past 24 hours, the price has touched a low of $19,775 which marks another significant departure from the highs of $22,022.
The entire crypto market is in the red zone with most coins losing around 10 percent of their value. The selloff has been sparked off by macro factors as the earnings season kicks in on the wall street. The growing fear of recession isn’t making matter better for the Bitcoin. Crypto market has seen a net outflow of funds.
Bitcoin price movement in the last 24 hours: Bitcoin tumbles to $19k lows
As the fall from $22k level accelerates, the charts show that the BTC/USD pair is firmly stuck in the bearish territory. The trading volume indicates a slight pick up in the selling pace as the last couple of days saw muted trading activity. The institutional players are also shifting their strategies with a focus on preventing wealth loss.
The outflow of funds reflects that the market participants are moving into safe haven assets. Another fall in the BTC prices can spark a run towards $18,000 lows as per Bitcoin price analysis. The descending price channel on the daily charts indicates that the overall theme of the charts remains bearish. On the daily charts, the $15,000 level represents a psychological barrier that will prevent a sharp selloff.
BTC/USD 4-hour chart: Hourly technical indicators are in red zone
Even though the bears are getting exhausted, there is a slight possibility that they may pull down price towards $18k on the back of macro factors. The critical $19,000 support has held well and the current BTC/USD price is above $20,000 safe zone. It would be tough for the bears to create a selling pressure without sufficiently large volumes as per Bitcoin price analysis.
The current correction from $22,022 level has support near 10-day EMA at $19,500. If Bitcoin were to stop selloff near $19,000, then a minor retracement can happen towards $21k level once again. Bitcoin price analysis suggests that scalpers and day traders can create minor take-profit positions accordingly.
Bitcoin price analysis conclusion: BTC invalidates bullish outlook on hourly charts
It would be wise to view the larger timeframe charts for BTC/USD. The pair is giving unclear signals on the hourly charts since the pair is following the descending channel on the daily charts. The pessimistic outlook is here to stay as per Bitcoin price analysis.
Traders need to look towards the $21k barrier in order to place large long orders. However, any sharp decline near $20,500 region should spark concern amongst the traders. The BTC/USD pair is currently sideways on the hourly charts. Hence, a wait-and-watch policy is suitable for the day traders.
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