lower Bitcoin (BTC) price is back to levels near $20,000. The outlook continues to be cautious, raising the possibility of further significant declines, while maintaining that the cryptocurrency’s price will drop soon, if Bitcoin has not yet touched it.
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Bitcoin Price at $20,000: The Next Scary Wave
Bitcoin price is Jumped to $22,405 Last week, but finally the period closed below $21,000.
Trader Reckitt Capital pointed to the formation of ” new low As for the cryptocurrency price, after the last weekly close, while the buying volume” in decline “.
Additionally, he shared a chart showing Bitcoin expiring for the fourth consecutive week, Below the 200-week moving averagewhich is a major upside support.
So the price of bitcoin is back below $21,000. It is trading at $20328 today, July 11, 2022, as of this writing. The cryptocurrency price is currently recording a daily loss of 3.39%.
This week could see more significant declines, given the expectations of some analysts. Blockware analyst Joe Burnett stated that the Bitcoin miner surrendered 32 days ago.
Raised the possibility of a The next wave of surrender ’, if CPI is ‘hot’, and ‘US stocks hit new lows’, with Bitcoin ‘sharply dropping below $20,000’.
Bitcoin Bottom Zone: Reversal or Falling?
Data provided by Glassnode on Bitcoin Contract Risk Index – Bitcoin Reserve Risk Index It supports the idea that the price of the cryptocurrency may be close to its lowest price.
Comment on Twitter on this indicator that measures the level of confidence of long-term holders in relation to the current price. The scale is positively correlated with the price of Bitcoin, and is currently at It’s the lowest level ever “.
For Murad, this drop may be a sign that the price of Bitcoin is currently underway.” bottom area – buffer zone – On a higher time scale.
this is lower Was it already reached when the bitcoin price dropped below $18,000 last June, or are the markets anticipating another scramble with yet another price floor for this cycle?
Could the week be ‘strong’ in the red for Bitcoin? At this point, it appears that the crypto markets in general are still in trouble.
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