bitcoinInvestors, who have been having nightmares since yesterday, had a tough night with the effect of the falls. After each decline, the search for the bottom level of BTC, which is called “this is the bottom level”, continues.
Bitcoin, which fell to unexpected levels, regressed to $ 34,008 during the day, while the fear and greed index is in the “extreme fear” position with 13 points.
What Appears in the Chart?
When we look at the current situation $34,000 – $35,000 above the most important support point in BTC appears to be a range. It is highly likely that BTC will react from here and start an upward movement. This level, which is especially seen as an evaluable area, is possible to throw a needle up to $ 29,000 in case of loss.
On the other hand, when we look at the RSI level on the 3-day chart, it is seen that the RSI 30 level has been seen 4 times since 2014 and the price started to rise after it was seen. BTC has fallen below the RSI 30 level only 4 times in its history on the 3-day chart, and with these recent drops, this number has increased to 5.
What is the General Market Situation?
According to the researches, it is known that most of the active investors in the market enter the market in the middle or end of the bull season. For this reason, 80 percent of the sector is in loss when looked at now.
It is known that there has been a loss of up to 1 billion dollars in the last 1 day, especially in leveraged transactions.
It is quite normal for an investment tool like Bitcoin with the potential to return 5x, 10x profits to experience such sharp declines. The latest hard drops of BTC, which has such serious collapses almost every year, are as follows:
- Drop rate from peak price in 2021: 53%
- March 2020 decline: 64%
- Drop from peak price in 2019: 55%
- Decline in 2018: 84%
- Last drop: 50% from peak price
As can be seen, it is seen that BTC experienced serious decreases throughout the year and did not lose to the patience investors who recovered from the bottom levels.
*Not investment advice.