As the bear hug gets tighter, the price of Bitcoin may drop below $21,000. Recent price movements saw a high of $25,135 and a low of $23,243. The short-term aim for the declining price trend is a drop to $21,000–$20,000. Bitcoin Bulls Loses Steam On August 18, Bitcoin, the leading digital asset, is battling to hold over $23,500 as it tries to maintain an upward trend that has been growing for the past two months. The bulls’ dominance is clearly dwindling on the daily bar chart, and they will soon need to show greater tenacity to continue a price climb. bitcoinBTC/USD trades at $23k. Source: TradingView In just one week, the Crypto Market Fear and Greed Index dropped from 47 to 30, and in just one day, it went from 41 to 30. This week’s additional selling pressure could either reverse the upward price trend or put it in an even more vulnerable situation. Related Reading: Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges Additionally, the MVRV 7-day Detrend Oscillator has developed a negative divergence pattern in response to the recent Bitcoin price trend. It implies that the price of BTC can drop below $21,000. By removing long-term price noise, applying a detrend filter to the price trends makes it easier to spot market bottoms and peaks. Bitcoin (BTC) MVRV 7D Detrend Filter. Source: CryptoQuant Long-term Bitcoin prices have been falling, particularly since November. However, over the past mon...
