After Bitcoin drops below $20,000…Bitcoin closes negatively for the second week in a row
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Answer After Bitcoin drops below $20,000…Bitcoin closes negatively for the second week in a row
Bitcoin has been trending downward since it reached an all-time high of $69,000 in November 2021, and this has resulted in the coin reaching a 2022 low of $17,622 last June.
The price then rebounded, confirming the validity of the $19,300 horizontal area as support.
However, the bounce was short-lived, and only Bitcoin managed to reach a high of $25211.
Currently, Bitcoin has created two consecutive bearish candles on the weekly level and returned to trade at the horizontal support area above the $19,300 level.
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If the crash occurs, the next important horizontal support area will be found at $11,500.
Bitcoin price drop:
The daily chart shows that Bitcoin has broken down from a bullish parallel channel that previously existed since June 18.
These channels usually contain corrective structures, which means that a breakdown in them is the most likely scenario.
Therefore, the current decline confirms that the move is corrective and new lows will follow.
The daily RSI is still decreasing and is well below 50, but it has not yet reached the oversold territory.
On the daily chart, the closest support area was found at $19,100, coinciding with that shown on the weekly time frame.
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