Bitcoin (BTC), which has lost close to 5.6% in the last 24-hour period, is trading at $ 20,220 at the time of writing. We examined the technical view of Bitcoin for you.
on August 26 At the Jackson Hole meeting The decline in Bitcoin hardened after FED Chairman Jerome Powell stated that “restrictive monetary policies will be maintained for a while to ensure price stability”.
Before the speech 21,800 up to dollar levels living on the rise Bitcoin, experiencing a sharp decline after the statements 20,100 fell to dollar levels.
Total value of the cryptocurrency market with the last drop 15 days in about 20% has fallen and 970 billion dropped to dollar levels.
Also On-chain data platform glassnode by provided aSOPR short-term Bitcoin investors according to data as soon as they see the price come to their entry point sells cryptocurrencies. Many commentators think that investors are taking advantage of the “Bear Market rally” for this situation. There are estimations that this rise experienced with the last decline is over.
Bitcoin Technical Analysis / 4-Hour Chart
Bitcoin, which broke the support at $ 20800 levels “bulky” and “hard” to the downside, seems to have turned its direction down. If this level cannot be exceeded again, Bitcoin is expected to regress to 19 thousand dollars.
If Bitcoin cannot hold at $ 19,000, it is thought that the market will seek new bottoms. If it goes above the $ 20,800 levels again, it will receive a reaction from the 50-candle moving average located at $ 21320, and if it exceeds this level. $24,350 expected to be targeted.