Bitcoin price analysis shows that the pair is nowhere near the bottom as bearish market sentiment is pointing towards another decline. The BTC/USD pair is struggling to cross $21k mark since large sell orders are lined up ahead. The panicked traders are dumping their holdings as exchanges are not cooperating.
The aggressive rate hike by the U.S. Federal Reserve has stoked fears among the general investors who are likely to flee to safer assets. The historic rate hike will only push the bearish sentiment which can either lead to stagflation or recession in case the things go haywire. The news about Celsius and Three Arrows Capital (3AC) are another reason the market is constantly finding bottom.
Bitcoin price analysis in the last 24 hours: There’s no escaping the $21k barrier
Ever since the market has gone below the $20k mark to touch the $20k psychological barrier, the market participants are no longer interested in taking large bets. Volatile exchange inflows and outflows are not pointing towards a safer scenario. On-chain data shows that Bitcoin miners are also joining the bandwagon to increase BTC inflow into the exchanges.
In the last 24 hours, the market is flooded with miner BTC’s which goes onto show that they are anticipating a further fall in the BTC price. Prominent investors and market experts are not sure where the market will bottom. Mike Novogratz, a well known crypto figure, says that BTC may stop its fall near the $20,000 mark whereas the Ethereum will reach $1,000 in the near term. However, that has been proven wrong now considering BTC is below $20,000 area. Whether the prices will stagnate near the mark is an altogether different matter.
Bitcoin price analysis shows that the price has dipped further towards $19,900k with a stop near $20,175. The short recovery period that started on June 24 is not materializing into a full-blown recovery. Bitcoin price analysis shows that the bears are in no mood to back out as they have lined up large sell orders near the $22k barrier.
BTC/USD 4-hour chart: Bulls are emptying their long positions at every bounce
The aggressive selling in the past 48 hours has eroded the confidence of the bulls. Any hopes of a quick and sharp recovery are dashed. The RSI index shows a reading of 21 which shows oversold market conditions on the hourly charts. Any quick pullup will surely be met with a sharp selling in the opposite direction.
The Bitcoin price analysis shows that the pair is poised to move in a sideways fashion. The rebound will not be swift. In case any sharp buying arises on the charts, the next Fibonacci Retracement level to watch out will be $24,562 since it is the 50% retracement from the 25,900 level.
Bitcoin price analysis conclusion: Traders ready for another selloff towards $18k
The BTC/USD price shows a range-bound movement in the next 24 hours. The upturn will only resume once the traders cross the $22,500 zone and land safely into the $25,000 region. If the pair does move towards $25k mark, the traders are likely to move into the short-term $26,000 area which will only point towards further uptick.
The bulls will have to maintain their momentum above the 20-day EMA which currently stands at $27,700. However, these figures are highly optimistic considering the current depressing scenario prevailing in Bitcoin price analysis.