Bitcoin Price Prediction: BTC Tumbles Below $20,000, Is Bottom Ready for a Retest?

Bitcoin Price Prediction: BTC Tumbles Below $20,000, Is Bottom Ready for a Retest?

Bitcoin

  • Bitcoin price declined towards the key $20,000 level.
  • BTC recorded its 10-day low of $19,344 on Tuesday.
  • The market capitalization fell by 5.27% to $381.18 billion in the last 24 hours.

Swing traders have finished their short-term profit-taking strategy. Bitcoin’s price has dropped dramatically in recent sessions. Analysts believe that this significant drop occurred as a result of the collapse of RIOT Blockchain, a bitcoin mining company based in the United States, in the third quarter.

bitco

In comparison to other mining firms, RIOT Blockchain Mining Company still has strong fundamentals and a large size. Riot reported a loss of $36.6 million, or 24 cents per share, especially in comparison to a loss of $15.3 million, or 16 cents for each share, per year years back. Revenue fell 28% to $46.3 million, falling short of the $54.2 million analyst estimate, according to Bloomberg.

Bitcoin Price Prediction in 4 Hour Chart

Bitcoin Price Prediction: BTC Tumbles Below $20,000, Is Bottom Ready for a Retest?

Source: BTC/USDT by tradingview

Bitcoin price brokedown the major support level of $20K amid sharp decline. Buyers were expecting this sell-off’s end till this round level. In the 4 hour chart, BTC price slipped lower the ascending trendline (dashed yellow). Although, it recorded its 10 day lowest level at $19,344 on Tuesday but now bulls try to defend themselves from more decline.

At the time of writing, BTC price is trading at $19,767 mark along with 4% intraday drop.after reversing from the $21,480-60 day high, value fell nearly 9.8% in the last 4 trading sessions. Thus, Market capitalization fell 5.27% in the last 24 hours at $381.18 Billion.

Bitcoin price Prediction in Daily Chart

Bitcoin Price Prediction: BTC Tumbles Below $20,000, Is Bottom Ready for a Retest?

Source: BTC/USDT by tradingview

The market leader has the potential to sell more. Buyers should keep the valuation above the next support level of $19,000. Below this support, buyers may lose their existence in the market. Ultimately, the bears pulled the digital asset below the all-vital exponential moving average in terms of the daily price scale.

In particular the RSI indicator moved below the semi-line (50 level). This negative sign could be in favor of short-sellers.

Conclusion

Bitcoin price is drawing a third consecutive bearish candle in the intraday session. Today, the bears are trading at a 10-day low from the all-important EMA. Bitcoin price prediction suggests more selling if buyers fail to hold the $19K support.

Support level – $19,000 and $18,400

Resistance level – $20,000 and $21,480

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *