Bitcoin price crashed 15.70% from Monday’s open to the weekly low. But Thursday’s daily candlestick hit a low of 14% from its open, which is what caug
Bitcoin price has finally rid itself of bulls expecting BTC to clear $30,000 as it crashed nearly 14% on August 18. This move has the pioneer crypto trading around the $26,000 level, resting below two critical support levels – $25,205 and $24,300. The former was tagged in the recent crash, which was followed by a quick 7.29% upside retracement.
In the coming days, these levels are likely going to be tagged, especially if the Grayscale ETF is rejected. From a technical perspective, however, the midpoint of the 2023 rally at $23,666 is a key level for accumulation. But considering the bearish outlook of the market and the breakdown of the 2023 bull rally’s market structure, a recovery that contests the bears is highly unlikely.
The Relative Strength Index and the Awesome Oscillator on the three-day chart show a grim outlook. The RSI has already slipped below the 50 level, signaling a takeover from bears amid declining bullish momentum. Additionally, the AO indicator has consistently produced reducing red histogram bars, suggesting an increase in bearish momentum as the possibility of a flip below the zero line grows higher.
This move could further propel Bitcoin price to the next resistance level at $35,260, which is a confluence of key hurdles.
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