Bitcoin

Bitcoin At Crucial Level – Will BTC Price Surge Above $25K or Drop Below $20K ? What Next ?

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Aug 9, 2022

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After maintaining a $23,000 price level since the start of August, the world’s first currency, Bitcoin price had surpassed the said level and reclaimed $24,000 yesterday. However, the currency couldnt hold on to that for long and tumbled down to $23,000 range.

At the time of publication, Bitcoin is selling at $23,893 with a surge of 2.10% over the last 24hrs.

It is observed that Bitcoin was rejected during the four-hour supply zone when the price made an attempt to extend from $23,932 to $24,722. Also the flagship currency is very near to retesting $24,655, making this a tough one to surpass.

Additionally, the asset has also created a top reversal pattern or triple tap which poses a threat for a pull back movement in the days to come. Next there are many inefficiencies and liquidity pointing towards a downfall which needs to be validated.

Bitcoin Price To Reclaim $24,500 level?

Hence, investors and traders might expect Bitcoin price to yet again make a climb towards $24,655 which points for a sell signal. If the King currency fails to do so, the price will retrace at the four-hour fair value gap and hit a downward target of $21,430.

Further it is possible that Bitcoin will tumble down even further and land at $20,750 collecting the sell-side liquidity.

Market participants and whalestats are expected to attack these targets, and BTC is expected to create a bottom here. In a highly bearish scenario, Bitcoin price might breach the level low of $17,579 and drop to $13,000, at which a macro bottom might develop.

However, things might reverse for Bitcoin price if BTC decides to close the daily candlestick above $24,655 turning the area as support level, the bears could lose their complete control. If this has to happen, then the bull could push the price retesting the area between $28,000 and $29,000.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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