Bitcoin (BTC)Crypto News

Bitcoin Trading Flat, But Drop Below $18,000 Ahead? – Crypto News Current

                                                            Bitcoin konsolidiert sich weiterhin um das Unterstützungsniveau von 19.000 $, während die Bullen versuchen, einen tieferen Absturz zu verhindern.  Gelingt dies nicht, könnte dies den anhaltenden Bärenmarkt verlängern und noch mehr Druck auf die Teilnehmer ausüben.

This is what awaits you in this article

Technical Analysis

Through: Edris

The daily chart

On the daily timeframe, the price retested the $18,000 support level after rejecting the major bearish trendline. The 50-day and 100-day moving average lines have the cryptocurrency also rejected.

If BTC recovers from the current support zone, the above moving averages and bearish trendline would be key dynamic resistance levels ahead of the $24,000 area, which is a major static resistance point.

Above all of these, price should break to reverse the ongoing bearish trend. On the other hand, if the $18,000 level is broken down, a quick drop towards $15,000 and above becomes more likely.
Bitcoin Trading Flat, But Drop Below $18,000 Ahead?  – Crypto News Current, Crypto Trading News TradingView

The 4 hour chart

The price has been fluctuating in a tight range of $18,000-$20,000 for the past few days and preparing for the next crucial move.

A double bottom pattern has recently formed at the $18,000 level, which could again push the price towards $20,000. In the event of a bullish breakout, both $22,500 and $24,000 would be key resistance levels to watch on this time frame.

The RSI indicator is also in a state of equilibrium as it last oscillated around 50. Bulls and bears are currently fighting to take control and the market could break out either way.

However, considering the bearish trend on the higher timeframe, a drop below $18,000 is still the more likely scenario.
Bitcoin Trading Flat, But Drop Below $18,000 Ahead?  – Crypto News Current, Crypto Trading News TradingView

onchain analysis

Through shayan

Markets typically tend to bottom out when players suffer significant losses, referred to as “capitulation.” With long-term investors controlling most of the supply, the Bitcoin market is emphasizing their losses. A multi-year floor cannot occur without a period of surrender by the long-term holders.

The 30-day exponential moving average of the long-term holder SOPR and the BTC price are plotted in the chart below. It shows that long-time holders have capitulated for extended periods during previous bear markets.

The indicator has fallen below 1, a signal that long-term investors are under dividend pressure. This has often ushered in the final stages of the bear market.

However, it should be understood that this phase may require several months of volatility followed by numerous significant market shakeouts.
Bitcoin Trading Flat, But Drop Below $18,000 Ahead?  – Crypto News Current, Crypto Trading News CryptoQuant

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Source: Crypto News Deutsch

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