Bitcoin has had a continuing downturn after losing nearly 33% over the past seven days. In the last 24 hours, BTC has lost almost 6% and is moving to its next support level. There was tremendous stagnation in the market, with BTC hovering around the $ 23,000 support level and then falling through that level again.

Bitcoin jumped back from the $ 20,000 price level again as it traded slightly above that level at the time of writing. Falling from the current price level could push the currency to the $ 17,000 support mark.

Traditional financial markets have also suffered the most after the US Federal Reserve decided to raise interest rates by at least 50 basis points.

Sellers took over the market as the bears drove all the buyers out of the market at the time of writing this.

Bitcoin Price Analysis: One Day Chart

Bitcoin
Bitcoin trades at $ 21,000 on one-day chart | Source: BTCUSD on TradingView

BTC is priced at $ 21,000 on the one-day chart. BTC last traded at this price level in December 2020. This was a consistent decline for BTC after the currency lost support at $ 28,000. Immediate resistance level for the currency was $ 22,000.

The support zone was between $ 19,000 and $ 16,000, respectively. Consistent selling could push BTC up to $ 13,000 against the massive bearish momentum the currency has amassed. The volume of Bitcoin traded increased and was in red, indicating bearish assertion in the market.

technical analysis

Bitcoin
Bitcoin is oversold on the one-day chart | Source: BTCUSD on TradingView

Purchasing power fell sharply on the one-day chart. The cryptocurrency was massively undervalued at the time of writing. The relative strength index was below the 20 notch, which is a sign of bearishness. RSI pointed to selling strength in the market.

A price reversal usually takes place after an intense sell-out. However, the other indicators suggest that clumsiness over the immediate trading sessions may continue. Price of BTC was below the 20-SMA which indicated that sellers are driving the price momentum in the market.

Bitcoin
Bitcoin flashed sell signals on one-day chart | Source: BTCUSD on TradingView

Consistent with increased sales strength, other indicators painted the same picture on the one-day chart. Awesome Oscillator also determines the price momentum and possible trend descriptions. AO flashed red histograms linked to a sell signal in the market.

Parabolic SAR points in the direction in which the price is moving. Dotted lines above the candlesticks indicate that the price of the asset was on a downward trend. This meant clumsy for the currency. If purchasing power returns to the market, BTC could try to trade close to the $ 22,000 price level.

Related reading | TA: Bitcoin shows signs of recovery, $ 23K offers resistance

What does the metric say about investors?

Bitcoin
Bitcoin’s Realized Profit | Source: glass node

The realized gains of Bitcoin seemed to be depreciating due to the extensive carnage in the market. Realized profits are the total amount of profits made with each completed trade.

A drop in realized profits could cause retail investors to withdraw their investments. With increased outflows, it is possible for investors to lose confidence and withdraw their investments.

Related reading | Bitcoin Crash sends institutional investors running for the hills

429 thoughts on “Bitcoin amid relentless selling; Is this now a $ 13,000 target?”
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