The BTC price reverses as the sellers at $25K oppose the bullish growth, potentially teasing a potential drop below $22,000. Key Technical Points: The BTC prices have been down by 1.62% in the last 24 hours. The price action displays an increase in the number of higher price rejection candles. The 24-hour trading volume of Bitcoin is $23.31 billion, indicating a drop of 15.92%. Past Performance of BTC The Bitcoin (BTC) prices take a bullish turnaround from the psychological mark of $20,000, leading to a Morning Star pattern after the Feds increased interest rates. The bullish reversal inflated the market price by 15% within three days to reach the 24,500 level. However, the ascending resistance trend knocks the prices below, leading to multiple higher price rejection candles. Hence the current market condition shows an increased level of fear among investors that may lead to a retest of the $21,875 breakout. Source – Tradingview BTC Technical Analysis The bearish influence of the resistance trendline affects the Bitcoin (BTC) market price negatively as it has led to a 5% retracement in the last three days. Hence traders can find opportunities to short sell at the current market price as selling pressure increases. The bullish turnaround takes over the 50-day SMA, but the retracement possibility might soon retest it. The RSI slope attempts to take support at the 14-day SMA above the halfway line to keep the trend in motion. The...
