The crypto market just wiped out $50 billion from the market cap in the last 48 hours crash, with Bitcoin resuming bearish actions after witnessing a 3% loss in the past few days.
Bitcoin took a significant heat as the crypto market meltdown over the past hours. The leading coin lost almost 10% of its value and slipped to $16.5k in three days. Although, it has bounced a bit to $16.6k as of the time of writing.
The sell-off was initiated after it rejected the $18.4k level on Wednesday, followed by a break below the channel pattern that accommodated a three-week correction.
Should Bitcoin push higher from the current trading level, it can still tap the $17.2k level on a retracement before the price drops again.
It has decided to close this week on a bearish following the steep fall below $17k. The sell action is just getting started. We can expect more to occur in the following week.
And if the bears fail and the market turns in favor of the bulls, they would need to reclaim the rejection level (where it initiated the current sell actions) to confirm a short-term bullish. It is important to note that Bitcoin is bearish at the moment.
Bitcoin Price Analysis (BTCUSDT): 4-Hour Chart
The retracement level mentioned earlier is still much intact for a bounce. Above this level lies the $17.6k and $18.4 rejection level. If BTC reclaims this level, it will target the $18.75k and $19k levels in the next upward rally.
As of now, Bitcoin is unlikely to regain momentum anytime soon. For now, the support to keep in mind is $16.2k. After that, the following support is located at $15.6k, where it saw a recovery last month. A new yearly low may come to around $15k or $14k if the price continues to drop.
Key Resistance Levels: $17182, $17632, $18,400
Key Support Levels: $16,200, $15,600, $15,000
- Spot Price: $16,666
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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