Price Analysis

Bitcoin Trading Within Crucial Price Zone! Will BTC Price Make it or Break it?

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Jul 4, 2022

news-image
Article Highlights
  • Bitcoin price continues to form consecutive Doji candles for the past 2 to 3 days indicating equal pressure from either of the sides

  • While no clear indication of either bullish or bearish trend emerges, the volatility is expected to get intensified very soon

Bitcoin price after the recent rejection from $21,800 plunged hard below $20,000 and still struggles hard to regain above these levels. However, the BTC price has successfully created a bullish divergence in the daily time frame that may assist the price in stabalize a significant upswing. 

On the other hand, big resistance levels are set at $19,500 and a daily close above these levels may lay down important upward price action. Conversely, the liquidation price of WBTC on Celcius has been lowered for the second consecutive time from around $11,000 to $8,839. 

Will this impact the BTC price rally inversely?

btc

As seen in the chart, the BTC price is swinging within a symmetrical triangle in a 4-hourly timeframe. While it is on its way towards the apex, a couple of upswings & plunges may make their way out. However, by the end of the week, the BTC price is expected to undergo an extreme price movement, irrespective of the direction. A breakout may elevate the price beyond the crucial resistance at $22,800 & a breakdown could test the lower support again.

Also Read: Avalanche(AVAX) Price Breaks the Descending Trend, Will it Make it to $30 this Month?

Indicators that Point to a Huge Price Action for BTC Price!

Traders in recent times appear to have lost faith in exchanges and hence are just withdrawing them rigorously. However, the outflow from the exchanges has recorded 150K BTC, which is the single largest outflow as of now. 

However, it cannot be certain said that these BTC may be liquidated but the recent crisis on the other platforms may have triggered this move. On the other hand, miners are reportedly accumulating BTC again from the last few days of June. It may be due to prices being pretty less to sell that may not accommodate their mining cost.

But holding the asset during the bearish trend could halt the descending trend and assist the price to accumulate strength. However, these indicators do not flash any bullish or bearish signal but eventually signal a steep price action irrespective of the direction is underway for Bitcoin (BTC) price. 

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button