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- Bitcoin price is just above its two-year low, and more accumulation is needed.
- After the massive decline, buyers are barely trying to manage the BTC price above the 20 SMA on the 4-hour chart.
- The buyers are forming another bullish candle in the intraday trading session.
Bitcoin BTC price has risen above $1000 since its two-year low. This $1000 level assists bulls in protecting themselves from overselling. Meanwhile, at time of posting, the BTC price was trading at $16,762, up 0.82% on the day.
As a result of the FTX failure, the top cryptocurrency fell 22% last week to a two-year low of $15,600. The drop marked a downward breather from months of parallel or sideways traders above $18,000, paving the way for a significant selloff. BTC is currently trading well above the bottom level.
On the 4 hours chart, buyers try to hold support levels from last night. Thus price action draws the higher-lows this week. After a drastic decrease, buyers are barely trying to manage BTC price above 20 SMA and 50 SMA stays over the current price, price may see minor drop ahead. Similery, the hourly RSI indicator is gradually increasing from the oversold zone. These two bullish signs drive the littly recovery in the market.
Due to overselling in the market, many big investors have closed their long positions. Therefore buyers lost $18K amid selling. As of now, buyers are forming a second bullish candle in the intraday trading session. Trading volume seems to be neutral at $41.3 billion as per last 24 hour data.
After little recovery, bulls are letting their monthly low of $15,600 as a last hope of price pump. On the flip side, the $18,400 may interrupt the next bullish rally. Because the ADX indicator present at 34 mark, shows the strength in downtrend. Eventually, the RSI stays flat at 36 mark on the daily price chart.
Conclusion
Bitcoin is the major dominator of the crypto market and it seems under intense selling pressure. As of now, bulls need to hold this key defending level for recovery until the next resistance of $18,400.
Support level – $15,600 and $15,000
Resistance level – $18,400 and $20,000
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.