The value of bitcoin has been fluctuating around the $16,880.44 level, a 23.6% retracement of the decline in value from $21,478.80 to $15,460. There was a brief rally in the value of bitcoin to the $16,875 level, which tested a downside price objective related to selling pressure that started around the $5,210 level.
If the value of bitcoin experiences intense selling pressure around the $18,385 and $17,525 levels, it could drop to additional downside price objectives around the $16,375, $15,900, $15,313, and $ 14,364s.
On the other hand, if the value of bitcoin recovers some upward momentum, it could reach additional technically significant levels of resistance at the $18,495, $19,199, $20,070, and $20,201 levels.
Significant Levels
Below the current market activity, investors bearish on bitcoin expect the crypto to test recent two-year lows around the $15,460 level. The price reached this level after triggering stop-loss orders at $15,512. This $15,512 level represents a specific bearish price objective based on selling pressure that intensified around the $21,478.80 and $18,495.50 levels.
Below these levels, there are other technically significant levels at the $14,613, $14,500.15, $13,369, $10,432.73, $10,727, $9,682, $8,837, and $7,538 levels. These levels assist traders and investors as potential points of resistance or support for the price of bitcoin.
Analysts have noticed that the average price of bitcoin over the last 50 four-hour periods is higher than the average price over the recent 200 four-hour periods. However, the average price in the previous 50 one-hour periods is lower than the average price over the previous 100 one-hour periods and the average price over the last 200 one-hour periods.
As a result, the current price of bitcoin is close to the average price over the recent 200 four-hour periods, which is $16,813.93, and the average price over the last 50 one-hour periods, which is $16,728.72.
BTC Latest Moves
Data shows that the value of bitcoin has been relatively stable and has not changed much over the weekend. The value of bitcoin has remained around the $16,700 mark. Overall, analysts agree that the outlook for bitcoin appears to be bearish, with some traders and analysts expecting the value of bitcoin to drop further.
According to one trader, Crypto Poseidon, they believe the market will remain bearish as long as the value of bitcoin remains below $19,000. On the flip side Mike McGlone, a strategist at Bloomberg Intelligence, thinks that the recent decline in the value of bitcoin below $17,000 may be a cause for concern. However, he expects bitcoin to recover in 2023.
According to McGlone, bitcoin’s past achievements, increasing acceptance by institutions, and improved infrastructure suggest that it is likely to recover and potentially even exceed its previous highs. However, it is worth considering that, like any asset, the price of bitcoin can vary and should be paramount in a diverse investment portfolio.
