Since breaking below $19,000, Bitcoin (BTC/USD) has been unable to recover to the crucial psychological level. As of press time, the cryptocurrency trades slightly above $16,000, the level it bottomed at post-FTX collapse. It’s nearly two weeks now, and the price of BTC has been consolidating at this yearly low. Can it recover in the next few days?
It is hard to tell if BTC will find a bullish footing as crypto sentiment remains weak. Besides the FTX-inspired crash, BTC remains a key barometer of global economic health. Central banks are tightening the belts with rate increases to tame high inflation. With the situation looking gloomy, it could take a while before we find the right balance to take BTC higher.&
Once again, BTC’s decline below $19,000 indicated its bottom still needs to be found. Is $16,000 the likely bottom, or could we see a further decline below this level? A potential breakout is imminent that could help answer the question. Let’s turn to the technical levels and price action:
BTC eyes a potential bearish inside bar breakout at $16,000
On the daily chart, BTC trades with weakening momentum at the support of $16,000. The MACD indicator shows a strong bear market for BTC. Multiple pin bars formed at the level, indicating indecision in the market.
What’s likely to happen for BTC?
Two possible scenarios are likely for the& BTC price in the coming days. If bulls defend the $16,000 level successfully, it will set BTC for a recovery to $19,000. An improved market outlook or momentum will strengthen a bullish market. A bullish signal at the crucial support zone will be needed to confirm an upside.&
On the flip side, Bitcoin could fall to $11,000 if bulls fail at the $16,000 level. This is a more likely outcome, given the weak momentum at the current BTC price. In the bear scenario, a bearish breakout of the inside bars formed at $16,000 will be confirmed. That will give bears control to take BTC lower.
Where to buy BTC& & &
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
The post Bitcoin’s choppy pattern continues. Here is why the next breakout could be catastrophic appeared first on CoinJournal.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments