Is Bitcoin Drop Over? – Bitcoin System

Due to the uncertainties experienced in the macro economy recently, the decline of the US indices was accompanied by the accompanying selling pressure. bitcoin side effects were also observed. BTC fell sharply from the $43,500 levels to the $33,900 levels without correction.

When we look at the coinmarketcap values, the total market cap of crypto has lost 11 percent today, falling to around $ 1.62 trillion.

So what is the technical data in BTC in the Daily Timeframe?

When we look at the oscillators that signal overbought or oversold situations, we can observe that BTC is at the bottom. The positive dissonance, especially on the MACD side, is one of the indicators that triggers the upward pressure in the price.

However, when we look at the current price, the break of the $37,000 support and the fact that it is stuck between the important resistance and support leaves the reversal signals weak.

If BTC finds support in the $28,000 $30,000 band gap, which has a strong location and has collected buyers from this region many times, and if the buyer pressure increases, the 35,000 and $37,000 resistance zones, which were previously the support level, can be followed. In case of loss of this strong and important location zone, a pullback to the lower support zone of $24,000 can be seen.

The inability of the reversal signals to become clear after the sharp decline and the existence of the continuation of the downtrend cause uncertainty in the markets. I think that this situation will become more clear with the upcoming Fed meeting (January 25-26), about clarification and direction.

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