Last Saturday, the bitcoin (BTC) price plunged below the crucial price mark of $20,000, an earlier all time high (ATH). Currently trying the bulls however, to regain this price level with no success so far.
Bitcoin price just below $20,000
Since last Saturday, the BTC price has risen by more than 10% in value. Then last night we saw the first attempt to break the USD 20,000 resistance.
It traded just above this for several hours, but did not break out further. At 2 a.m., bitcoin went into hiding again. This brings the current bitcoin price on crypto exchange Coinbase to $19,950.
The bitcoin price in euros trades at 18,942 euros on the Dutch crypto exchange bitvavo†
The candlestick from last week also closed last night. This one closed under 200 weeks moving average (MA), a negative signal. In addition, we see that the trading volume has also set a higher peak compared to the decline in the week of May 9.
Where is the bitcoin bottom?
That is the question that has often haunted the minds of many crypto investors in recent weeks. Nobody knows exactly where the current bottom is. Many analysts do share their opinions about where the bottom may lie, including TechDev.
His checklist for a bottom seems almost complete. He compared corrections that lasted more than a year from the past and thus compiled this checklist. His conclusion based on the current situation: “A close above the 20-week MA probably confirms the end.”
Year+ #BTC corrections:
✓ Volume decline
✓ MACD bull div
✓ A capitulation + 50W EMA bounce
✓ B above 20W, C breaks 50W with ease
✓ C consolidates at 100W + 20/50W rejection
✓ C capitulation shaft 20/100W cross
✓ C bottom near -0.618 of AClose above 20W likely confirms end. pic.twitter.com/WySc0oHOs6
— TechDev (@TechDev_52) June 20, 2022
But of course that doesn’t mean we won’t get another dive, even if it may be short-lived. With the current bitcoin price, the correction from its ATH is 74%. On average, these corrections went deeper than -80%, analyst Holger Zschaepitz said:
“To put things in perspective, a 74% Bitcoin crash like right now is nothing out of the ordinary. In history there have been 4 crashes where the leading cryptocurrency went from peak to low by >80%.”
To put things into perspective: A #Bitcoin crash of 74% as at present is nothing unusual. In history, there have already been 4 collapses in which the leading cryptocurrency went from peak to trough by >80%. pic.twitter.com/nFZVYlYSJa
— Holger Zschaepitz (@Schuldensuehner) June 19, 2022
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