logo

Bitcoin price analysis: BTC touches $19,775 as bears threaten another sharp pullback

Bitcoin price analysis
TL;DR Breakdown

Bitcoin price touches $19,775 with bulls taking a backseat
Buyers have been able to take the price above $20k briefly
Market sentiment is bearish as the players look towards macro factors

bitcoin 360
Source: Coin360

Bitcoin price analysis remains firmly in bearish territory once again as the sellers have bought the price under $20k for a second time in the past three weeks. In the past 24 hours, the price has touched a low of $19,775 which marks another significant departure from the highs of $22,022.

The entire crypto market is in the red zone with most coins losing around 10 percent of their value. The selloff has been sparked off by macro factors as the earnings season kicks in on the wall street. The growing fear of recession isn’t making matter better for the Bitcoin. Crypto market has seen a net outflow of funds.

Bitcoin price movement in the last 24 hours: Bitcoin tumbles to $19k lows

bitcoin 1d6
Source: TradingView

As the fall from $22k level accelerates, the charts show that the BTC/USD pair is firmly stuck in the bearish territory. The trading volume indicates a slight pick up in the selling pace as the last couple of days saw muted trading activity. The institutional players are also shifting their strategies with a focus on preventing wealth loss.

The outflow of funds reflects that the market participants are moving into safe haven assets. Another fall in the BTC prices can spark a run towards $18,000 lows as per Bitcoin price analysis. The descending price channel on the daily charts indicates that the overall theme of the charts remains bearish. On the daily charts, the $15,000 level represents a psychological barrier that will prevent a sharp selloff.

BTC/USD 4-hour chart: Hourly technical indicators are in red zone

bitcoin 4h6 1
Source: TradingView

Even though the bears are getting exhausted, there is a slight possibility that they may pull down price towards $18k on the back of macro factors. The critical $19,000 support has held well and the current BTC/USD price is above $20,000 safe zone. It would be tough for the bears to create a selling pressure without sufficiently large volumes as per Bitcoin price analysis.

The current correction from $22,022 level has support near 10-day EMA at $19,500. If Bitcoin were to stop selloff near $19,000, then a minor retracement can happen towards $21k level once again. Bitcoin price analysis suggests that scalpers and day traders can create minor take-profit positions accordingly.

Bitcoin price analysis conclusion: BTC invalidates bullish outlook on hourly charts

It would be wise to view the larger timeframe charts for BTC/USD. The pair is giving unclear signals on the hourly charts since the pair is following the descending channel on the daily charts. The pessimistic outlook is here to stay as per Bitcoin price analysis.

Traders need to look towards the $21k barrier in order to place large long orders. However, any sharp decline near $20,500 region should spark concern amongst the traders. The BTC/USD pair is currently sideways on the hourly charts. Hence, a wait-and-watch policy is suitable for the day traders.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Ethereum price analysis: ETH pivots at $1,800, swiftly retraces?
Litecoin price analysis: Price levels down to $60.05 as bearish pressure prevails
Australia starts 1-year pilot to explore CBDC use
Avalanche price analysis: AVAX declines to $27.9 maintaining bullish dynamics
Uniswap price analysis: UNI/USD illustrates bearish dynamics at $8.40

Follow Us

Industry News

BitMEX executive pleads guilty in court
Singapore’s crypto lender Hodlnaut shuts down
Celsius withdraws motion to rehire CFO at $92,000 a month
Crypto.com earns license of operation in South Korea
Elon Musk drags Twitter to court for fraud