Bitcoin

Bitcoin Bears Continue To Rule! Will BTC Price Drop Below $18K In Next 24 Hours?

Author: Nidhi Kolhapur

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Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Highlights
  • Cryptocurrency market capitalization has fallen below $1 trillion for the first time since early 2021 - when the market breached the same barrier.

The Crypto bloodbath continued wiping nearly $100 billion has been wiped out from the crypto markets in a day.  The global crypto market cap is below $1 trillion for the first time since January 2021. The crypto winter is deepening and the final capitulation appears to be in full swing as total market capitalization tanks to its lowest level for 18 months

Top two cryptos – Bitcoin and Ethereum are seeing double-digit loss, while altcoins dropped more than 50%. However, there is always an exception in the crypto space, while major altcoins are in the deep-red sea, Polkadot and Avalanche are seeing a mild recovery after solid hammering. 

Coming to bitcoin, As per coinshares data, over the past 24 hours, $600 million bitcoins were liquidated With $1.24 billion in total liquidations. This took the king coin to drop below $21K. 

Will Bitcoin Price Drop Below $20K?

For the Past 7 days, Bitcoin price has dropped more than 20% new multi-week low has been formed near $20816.35. Since then, Bitcoin bounced above $23000 and continues to trade within its proximity. 

At present, the flagship currency is trading at $22,426.62 showing minor signs of recovery. As per the 1-hour chart, the BTC/USDT pair is close to the 23.6 percent Fib retracement level of the recent decline from the swing high of $28,300 to the low of $20,824.

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If the bulls remain intact and hold above this trendline, the flagship currency might hit $23,000 in the coming hours. On the upside, the major resistance is now formed at the $23,200 level. However, BTC/USDT must surge above $25K to confirm trend reversal. 

Also Read: Celsius Network On the Verge of Bankruptcy? Will the Crypto Space Crash Amid the fear of Liquidating Another 18K BTC

On the other hand, if BTC/USDT fails to hold above $22k, it may test the immediate support near the $21,000 level. The next major support is around the $20,000 mark. 

Moreover, A break below the $20,000 support level could lower the price in the near term to the $18,500 support zone.

Overall, the price of BTCUSD approaches crucial support levels from 2017 and 2019. If these levels are penetrated to the downside, that will be a very bearish development. At this pace, the likelihood of prices crashing back to $20k and retesting 2017 highs remain probable.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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