Is BTC Going to Drop Below $19K as Sell Orders Flood the Market?

The crypto market chief Bitcoin (BTC) skilled a slight achieve within the final 24 hours in accordance with CoinMarketCap. In consequence, BTC nonetheless finds itself beneath $20k.

Within the final day, BTC’s value has risen 2.69% – taking its market cap as much as $37.67 billion. Regardless of the 24-hour rise in BTC’s value, it’s nonetheless down 6.36% over the past 7 days.

Buying and selling quantity for BTC has additionally surged within the final 24 hours because the determine stands at $25,241,943,043, which is simply over a 62% enhance in exercise.

When wanting on the 4-hour chart, BTC’s value was unable to carry up above the $20k stage. This resulted in its value plummeting right down to its present stage within the final 4 hours.

BTC’s value motion can be reciprocated within the Relative Power Index (RSI) indicator because it dived from overbought territory to the present stage of the RSI SMA. If the RSI crosses beneath the RSI SMA line, BTC will sign a bearish flag. This could possibly be adopted by an additional downwards spiral for its value.

Extra so, If this fall occurs, then BTC may drop to as little as $18,500-$19,000, which is the following important assist stage. Nevertheless, this bearish thesis can be invalidated if the 4-hour candle is ready to shut above the 9 Exponential Shifting Common (EMA) line.

To justify a possible bullish restoration, the 20 EMA is positioned beneath the 9 EMA line. This means that BTC is in a quick bull cycle. If BTC closes the candle beneath the 20 EMA, the cycle might come to an finish.

Disclaimer: The views and opinions expressed on this article are solely the writer’s and don’t essentially mirror the views of CQ. No info on this article needs to be interpreted as funding recommendation. CQ encourages all customers to do their very own analysis earlier than investing in cryptocurrencies.