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Bitcoin’s Bullish Dump Points out at Biggest Spike Incoming!

Highlights

    Bitcoin gets rejected at $23,000 yet another time and records nearly $2000 in just a couple of hours.

    Bitcoin breaks down the channel, the plunge is expected to continue further before a major spike.

Bitcoin price had a spectacular surge in the past week when the price suddenly surged above $23,500. The BTC price was trending very slowly above $19,000 from the past few days but failed to touch $19,800.

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Currently, BTC price has broken down the channel in which it was trending from the past two or three days. The breakout may lead the Bitcoin price to revisit the $22K levels very soon providing yet another chance to buy at the dip.

BTC price chart

The RSI indicator is also pretty bearish and has plunged below the normal 30 levels to touch 26.16. The history manifests that whenever RSI levels drop drastically within no time below 30, they rise drastically above 80 within a short span of time. Therefore $26K or more may be imminent.

More Bearish Divergence Haunts Bitcoin Price

While the Bitcoin price is experiencing an immense shedding as the selling pressure is mounting that has pulled the price close to $22,000. At present bitcoin is attempting very hard to maintain above $22,000 and touch $22,500 considerably.

Bitcoin, however, is expected to plunge more below $22,000 and visit $20K as said by analysts,The Moon. It would be the last chance for the traders to buy the asset at the least price as per him.

The current plunge is speculated due to the fresh COVID-19 scare. The US stock market is also experiencing a similar red wave across the market. However, the Bitcoin price is expected to skyrocket to touch $26,000 initially and later may also reach $30,000 in the coming days.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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