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The price of the crypto market leader Bitcoin (BTC) dropped 2.06% over the last 24 hours. According to CoinMarketCap, this 24-hour drop has resulted in BTC’s price trading below the $23,000 level at press time. Currently, BTC is changing hands at $22,859.83.
The 4-hour chart for BTC is bearish after BTC’s price breached the support level at $23,250. This decline over the last 24 hours has also seen BTC’s price drop below the 9 and 20 EMA lines on the 4-hour chart – causing the 9 EMA to bearishly cross below the 20 EMA line in the process.
BTC’s price is now in limbo with the support level at $22,815 and has dropped below the level in the last 4 hours.
The RSI indicator on the 4-hour chart also suggests extreme bearishness. At press time, the RSI line is in oversold territory at 32.98. In addition to this, the RSI line remains sloped to the negative territory which suggests that BTC’s price will drop further in the coming days.
If the support level at $22,815 fails to hold until the close of today’s trading session then BTC’s price is at risk of dropping to the next support level at $22,345. On the other hand, if BTC’s price closes today’s trading session above the level then it will likely bounce off of the level and consolidate in the channel between $22,815 and $23,250.
The high levels of sell volume present in BTC’s charts does, however, support the bearish thesis that BTC’s price will break the current support level and make a downward move toward $22,345.
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