Bitcoin (BTC) Price Trend Negative; Bears Eye $13K

The price of bitcoin (BTC) fell once again, exploring areas below $16,000 and $15,800.
Bitcoin's price hovers below $16.4K and the 100-hourly simple moving average.
A large negative trend line is emerging on the one-hour chart for BTC/USD, and it is now at $16,150 resistance.

 

The price is likely to continue falling approaching $15,000 or possibly $14,500 in the near future.
The price of bitcoin has extended its recent downward trend to retest the floor of support located at $15.8K. The leading cryptocurrency might continue its downward trend toward the price range between $15,000 and $14,000. This comes as bears have intensified their attack across the market, which has resulted in crimson being painted on price charts.

BTC Takes a Look at $15.5K

A new negative plunge was begun by the Bitcoin price as it encountered resistance at $17K. After falling below the pivotal support level of $16,500, the underlying asset came under increasing selling pressure. In addition, the price of bitcoin fell below $16,000 as well as the 100-hourly simple moving average.

During this time, increased pessimistic sentiment drove prices down, bringing them closer to the critical support level of $15.5K. After hitting a bottom of $15,470, the price of bitcoin begins to correct its losses. Despite this, BTC had a little increase after breaking above the $15.8K barrier level.


The cryptocurrency was able to break through the 0.236 Fibonacci retracement zone after its most recent drop from the swing high of $16,795 to a low of $15,470. On the other hand, upward trends would be stopped short by the immediate barrier at $15,880. The initial main resistance may be seen in the vicinity of the value zone of $16,150.

Additionally, the one-hour chart for BTCUSD reveals the emergence of a big bearish line with a barrier at $16,150. After you have conquered this challenge, you will have a clear path to the 50% Fibonacci retracement point of the most recent drop, which was from $16,795 to $15,470.

The level of 16,400 dollars is another significant barrier to overcome. In order to begin a meaningful advance, Bitcoin will need to prevail above the trend line and $16.4. If that happens, $16,500 will be the next significant barrier for Bitcoin to overcome before it can regain the strength to continue its ascent toward $17,000.

Additional Drawbacks to Bitcoin?


If Bitcoin is unable to rebound over the resistance level of $16,150, the cryptocurrency will continue to fall in value. The price of $15,650 is the nearest support level. If this support is broken, the leading cryptocurrency will begin to investigate the key level of $15.5K; if it falls below that level, it will be unable to avoid testing the $15K level.

At this point, bearish actions might be greeted with massive price drops, potentially bringing Bitcoin to the $13.2K value area. At the current levels, Bitcoin enthusiasts should exercise caution when interacting with the cryptocurrency. The near-term structure of the Bitcoin market is dominated by bears, and price drops appear to be unavoidable.

Keep an eye out for forthcoming crypto-related updates.


Orizu Ebube

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