Critical Moment For Bitcoin: If This Level Is Lost, The Downfall Accelerates!

According to Blockware analyst Will Clemente, if Bitcoin falls from the range it has consolidated for the last 5 days, it could fall below $20,000. Accordingly, BTC is currently on the verge of a very important move. Details are here.

by Clemente shared As the chart shows, Bitcoin is currently located at the 200-week MA support line and the highlighted price range; these are the situations that prevent BTC from falling to the $19,000 level.

A drop below $22,000 could bring the digital asset back to a price level the market hasn’t seen in the past two weeks.

Besides, the main problem with the current state of BTC is the lack of short-term support zones that will protect the cryptocurrency from falling into the abyss once again.

The good news (!) is that technical analysis is the only thing that shows Bitcoin losing control over $22,000. Entry data and trading volume are still rising, which are direct signals of continued support for the asset by the bulls.

Bear news does not bring Bitcoin price down

On the other hand, the recently revealed facts about Tesla selling 75% of its Bitcoin holdings and the sharp rate hike by the European Central Bank did not cause the anomalous volatility favorable to Bitcoin.

Larger retail and institutional investors do not seem ready to make a significant entry into the cryptocurrency market yet. As the analysis suggests, Bitcoin needs a little more time to rally more steadily in the future and consolidate at local support levels.

Finally, at the time of writing, BTC is trading at $22,724, with the leading crypto asset gaining about 1.93% in the last 24 hours.

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.


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